Report: GOP tax plans would limit taxpayers' ability to write off losses from wildfires

The Republican tax overhaul plans pending in Congress would limit the ability of taxpayers to write off losses from wildfires and other disasters, according to the Los Angeles Times.

House Republicans have proposed eliminating the deduction altogether, while Senate Republicans would allow the deduction only in cases where the president declares a federal disaster, the report said. The office of House Majority Leader Kevin McCarthy, R-California, suggested that the Senate's version would be wrapped into the final tax plan that needs to be reconciled between the House and Senate.

Southern California has been battling several major wildfires for at least a week now, and parts of Northern California's wine country were devastated by deadly fires that destroyed thousands of homes earlier this fall. The report notes that there have been nearly 58,000 wildfires this year that have burned more than 9 million acres across the country, according to the National Interagency Fire Center.

President Trump has set a Christmas deadline for signing the tax bill into law, giving lawmakers named to a special conference committee two weeks to iron out major differences in the House and Senate versions of the legislation. The conference committee has scheduled its first formal meeting for Wednesday.