To exclude certain amounts relating to compensating victims of the East Palestine train derailment, and for other purposes.

This bill excludes from gross income, for income tax purposes, compensation received by individuals and businesses for losses resulting from the East Palestine, Ohio train derailment on February 3, 2023. This includes lost business income paid by a federal, state, or local government agency, Norfolk Southern Railway, or any subsidiary, insurer, or agent of the railway, or any related person.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1270 Introduced in House (IH)]

<DOC>






118th CONGRESS
  1st Session
                                H. R. 1270

To exclude certain amounts relating to compensating victims of the East 
          Palestine train derailment, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 2023

 Mr. Johnson of Ohio (for himself, Mr. Balderson, Mr. Miller of Ohio, 
 Mr. Latta, Mr. Davidson, Mr. Joyce of Ohio, Mr. Wenstrup, Mrs. Sykes, 
 Mr. Turner, Mr. Jordan, and Mr. Carey) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To exclude certain amounts relating to compensating victims of the East 
          Palestine train derailment, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EAST PALESTINE DISASTER RELIEF PAYMENTS.

    (a) Disaster Relief Payments to Victims of East Palestine Train 
Derailment.--The East Palestine train derailment is hereby deemed to be 
a qualified disaster for the purposes of section 139(c) of the Internal 
Revenue Code of 1986.
    (b) Exclusion From Gross Income of Business Interruption 
Payments.--For purposes of the Internal Revenue Code of 1986, gross 
income does not include any amounts provided to a taxpayer to 
compensate such taxpayer for lost business income resulting from the 
East Palestine train derailment by a--
            (1) Federal, State, or local government agency,
            (2) Norfolk Southern Railway, or
            (3) any subsidiary, insurer, or agent of Norfolk Southern 
        Railway or any related person.
    (c) Train Derailment.--For purposes of this section, the term 
``East Palestine train derailment'' means the derailment of a train in 
East Palestine, Ohio, on February 3, 2023.
    (d) Effective Date.--This section shall apply to amounts received 
on or after February 3, 2023.
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