Reported 4 months ago
The Internal Revenue Service has announced that most people who received financial assistance from Norfolk Southern following a train derailment in East Palestine, Ohio, in 2023 will not have to pay taxes on the aid payments. The IRS ruling states that the payments for temporary housing and belongings replacement are not taxable due to the derailment being classified as an 'event of a catastrophic nature.' Residents, who had initially been told they needed to pay taxes on the money received, are relieved by the decision, and the railroad has paid over $21 million to residents out of the $107 million in total assistance following the crash.
Source: YAHOO