PGE wildfire victum trust taxable or not

[msmcquiddy]

for California taxpayers, are the PGE wildfire victim trust fund payments included in taxable income by IRS ? or is it still undetermined until a decision on HR4970 is made (latest update sept 2023)
as I understand it so far, it may be taxable (the portion) if the totals exceed personal and business losses that have not been reimbursed by insurance , I appreciate your perspective ... Mike

[Rapid Robert]

"is it still undetermined until a decision on HR4970 is made"

I think until HR4970 is actually passed and signed into law, it is fully determined that it is taxable. What "latest update" are you referring to?

Disclaimer: I have no clients affected by this, so my info is based on what I've read in other forums and CE material. For CA purposes, the settlements are excluded from taxable income.

[msmcquiddy]

latest update sept 2023 was from websites PGE trust fund and HR4970
my inquiry is checking around to see if anyone has seen detats are not included in CA taxable income ils on taxablility by IRS that I may have missed
and yes the California FTB has decided that the PGE payments are not included in CA taxable income