View all text of Part III [§ 101 - § 140]
§ 139M. Compensation for losses or damages resulting from certain wildfires
(a) In general
(b) Qualified wildfire relief payment
For purposes of this section—
(1) In general
(2) Qualified wildfire disaster
(c) Denial of double benefit
Notwithstanding any other provision of this title—
(1) no deduction or credit shall be allowed (to the individual for whose benefit a qualified wildfire relief payment is made) for, or by reason of, any expenditure to the extent of the amount excluded under this section with respect to such expenditure, and
(2) no increase in the basis or adjusted basis of any property shall result from any amount excluded under this section with respect to such property.
(Added Pub. L. 119–108, § 3(a), Sept. 11, 2026, 140 Stat. 1020.)