New Jersey Victims of Terrorism Relief Act of 2001

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Full text and guidelines for the Victims of Terrorism Relief Act of 2001, IRC 5891 (STRUCTURED SETTLEMENT FACTORING TRANSACTIONS.)

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FAQ

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.

For example, the victim may suffer from multiple types of cancer or may have a severe non-cancer eligible condition along with an eligible cancer. In such cases, the non-economic award may be greater than $250,000, with a maximum award, under current VCF policy guidelines, of $340,000 for multiple severe conditions.

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.

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.

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New Jersey Victims of Terrorism Relief Act of 2001