Tax Relief for First Responder Beneficiaries Act

TL;DR (AI)

• The bill amends the Internal Revenue Code of 1986 to exclude certain compensation received by public safety officers' beneficiaries from taxable income.
• The bill expands the definition of eligible beneficiaries for survivor annuity benefits to include beneficiaries of a life insurance policy or benefit plan of a public safety officer.
• The bill applies these changes to taxable years beginning after December 31, 2022, affecting the tax treatment of benefits received by public safety officers' beneficiaries.