H.R. 1270 – Reading Mode

118th CONGRESS

1st Session

H. R. 1270

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.

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.