IRS exempts Norfolk Southern derailment aid payments from taxes due to "catastrophic nature."
The IRS announced that people who received money from Norfolk Southern after the Ohio train derailment will not have to pay taxes on millions of dollars in aid payments. The Internal Revenue Service classified the event as "an event of catastrophic nature," making the payments non-taxable. Norfolk Southern has paid over $21 million to residents and offered more than $107 million in assistance since the derailment.
June 05, 2024
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