Tax & Accounting News

TaxBuzz Top 5 - Federal Disaster Tax Relief Act Signed Into Law, Australia Imposes 'News Tax' on Tech Industry & More

12/13/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. New Law Exempts Wildfire Relief Payments From Federal Taxes, Offers Refunds to Past Recipients

Credit: Juan Silva/GettyImages

President Joe Biden signed the Federal Disaster Tax Relief Act into law, exempting wildfire relief payments from federal income taxes. The measure brings welcome relief to Northern California residents who lost homes in recent years and were burdened by taxes on funds intended to help them rebuild. Many felt doubly victimized when asked to pay taxes on settlement amounts, including portions paid directly to attorneys.

The law, co-authored by Congressman Doug LaMalfa, makes these payments non-taxable and allows anyone who has paid taxes on such relief funds since 2020 to seek a refund by filing amended returns within one year. It also ensures these payments won’t be treated as income windfalls that disqualify people from benefits like Covered California coverage, Veterans Affairs copay assistance, and federal student aid, according to a report from Chico, California's Action News Now.

This change applies to wildfire relief payments received for any federal wildfire disaster declared after 2014. Supporters say the new legislation corrects a long-standing injustice and helps streamline recovery efforts for victims of catastrophic wildfires. “It just didn’t seem particularly right,” said Jeanne Low, a Zogg fire survivor who previously had to pay taxes on her relief funds.

2. Ohio House Passes Bill to Expand Property Tax Exemptions for Longtime Homeowners

Credit: halbergman/GettyImages

The Ohio House of Representatives approved legislation that would broaden property tax exemptions for some longtime homeowners. House Bill 274, which passed by a 78-10 vote, would raise the homestead exemption from $26,200 to $50,000 for residents who have lived in their homes for at least 20 years and meet certain qualifications. To be eligible, homeowners must have an annual income of $38,600 or less (increasing with inflation), be at least 65 years old or fully disabled, and have maintained residency for two decades.

Under the proposal, local governments and schools would not lose funding; they would be reimbursed for forgone tax revenue from the state’s general revenue fund. The income limit and exemption amounts will adjust each year for inflation, reaching a $40,000 income limit in 2025, according to The Columbus Dispatch.

“No Ohioan who has lived their entire life in their home should be at risk of losing it to taxation,” said Rep. Adam Mathews, R-Lebanon, who co-sponsored the bill with Rep. Richard Dell’Aquila, D-Seven Hills. The measure now moves to the Ohio Senate for consideration.

3. Australia Moves to Force Big Tech to Pay for News, Expanding Global Debate Over Content Compensation

Credit: Peter Pesta Photography/GettyImages

Australia’s government is taking new steps to ensure social media companies and search engines pay for news, unveiling plans to impose a levy on platforms earning more than US$250 million annually within the country. The proposal follows Meta’s decision to end existing payment arrangements with Australian publishers, a move that drew strong criticism from officials.

Under the proposed amendments, scheduled for public consultation next year, the levy would be offset by direct payments that tech platforms make to news publishers. The goal, per a Financial Times report, is to encourage new commercial agreements and prevent companies from exploiting “loopholes” in earlier legislation. Meta and Google previously struck deals with Australian media outlets in 2021 after the government passed a landmark law forcing tech giants to negotiate over content usage.

Media groups, including News Corp and Nine Entertainment, welcomed the announcement, viewing it as a chance to restore lost journalism jobs and sustain local reporting. Meta criticized the proposal, arguing it fails to account for how people use its platforms and insisting that publishers voluntarily post content. With the Australian Taxation Office in charge of collecting the levy, the measure could serve as a model for other countries grappling with the future of digital news.

4. GOP Lawmakers in High-Tax States Push for Expanded SALT Deduction as Tax Law Extension Nears

Credit: Stefani Reynolds/Bloomberg/Getty Images

A group of House Republicans from high-tax states are pressing for an increase to the state and local tax (SALT) deduction limit as their party prepares to extend key parts of the 2017 tax law set to expire in 2025. The current $10,000 cap, introduced by Republicans six years ago, disproportionately affects constituents in states like New York, New Jersey, and California.

With a narrow House majority, these “SALT-y” Republicans hold leverage, notes NBC. They argue that allowing a higher deduction—or eliminating the cap altogether—would help middle-class homeowners who face substantial tax burdens. Some have proposed doubling the limit to $20,000, while others want an even higher threshold and income-based qualifications to ensure the benefit targets the middle class.

Opponents, however, worry that expanding the SALT deduction would encourage states to raise local taxes and add to the federal deficit. Others note it would predominantly benefit wealthier taxpayers. With the GOP planning to pass the tax legislation via reconciliation and no room for Democratic influence, the fate of the SALT deduction will likely hinge on compromise within the Republican ranks.

5. Missouri Lawmakers Propose Flat Tax and Spending Cap to Phase Out Income Tax

Credit: John Elk III/GettyImages

Several Missouri legislators have introduced bills to establish a 4% flat income tax, paired with a constitutional amendment aimed at gradually eliminating the state’s income tax. Under these proposals, future rate cuts would occur as revenues surpass certain thresholds and would be contingent on voters approving a strict spending cap based on population changes.

Supporters, including Americans for Prosperity-Missouri, say the measures offer a path to end reliance on the income tax and possibly expand sales taxes to services like auto repair or accounting. The approach would also allow the state to avoid severe budget cuts by relying on economic growth and tighter spending limits over time. The Missouri Independent reported that those in favor say the proposals would not immediately raise other taxes, but only enable lawmakers to consider service-based sales taxes later.

Critics, including the Missouri Realtors Association, argue that shifting more burden to sales taxes and reducing income taxes disproportionately benefits wealthier residents and risks underfunding essential public services. They also warn that spending caps tied solely to population growth ignore factors like inflation and rising operating costs. With no formal cost estimates yet, the debate is set to intensify in the upcoming legislative session.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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