Full text and guidelines for the Victims of Terrorism Relief Act of 2001, IRC 5891 (STRUCTURED SETTLEMENT FACTORING TRANSACTIONS.)
Connecticut Victims of Terrorism Relief Act of 2001
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As of June 16, 2003, the average award for a death claim was $1.44 million, and personal injury awards ranged from $500 to $6.8 million.
Tax information: VCF awards are not subject to federal income tax. See 26 U.S.C. §139(f). Bankruptcy proceedings: The VCF cannot advise you on how your award may be treated if the victim or recipient of the award has filed for bankruptcy protection.
An act to amend the Internal Revenue Code of 1986 to provide tax relief for victims of the terrorist attacks against the United States, and for other purposes.
At the end of the process $7 billion was awarded to 97% of the families. A non-negotiable clause in the acceptance papers for the settlements was that the families were to never file suit against the airlines for any lack of security or otherwise unsafe procedures.