After more than five years of waiting in some cases, wildfire survivors across the West will be relieved of paying federal income taxes on their recovery settlements and lawyers fees. The Federal Disaster Tax Relief Act of 2023 passed the Senate on Wednesday night, about six months after it was approved by the U.S. House of Representatives nearly unanimously. It had been stalled for months, tucked into opposing tax packages from Senate Republicans and Democrats. The bill, which is likely to be signed by President Joe Biden, would exempt people who have survived a wildfire between 2016 and 2026 from paying federal income taxes on disaster recovery settlements and fees paid to lawyers that were received or paid between 2020 and 2026. Victims elsewhere are also likely to benefit. The bill applies to the survivors of the East Palestine train derailment that occurred in Ohio in 2023, though they’ve largely been exempted from federal income tax on payments from Norfolk Southern due to intervention from the Internal Revenue Service. The disaster act would also provide relief for natural disaster survivors since 2020 in the form of a casualty loss deduction. That means that those who only received partial payments from insurers on home damage and other residential property damage could deduct those uncovered losses on their federal income taxes without itemization. Passage of the bill, introduced last year by a Florida Republican Rep. W. Gregory Steube, follows a public plea last month by a political action committee. American Disaster Survivors sponsored billboards asking for help in Idaho and Oregon to grab the attention of the two leaders of the U.S. Senate Finance Committee where the bill sat. Oregon’s senior U.S. senator, Democrat Ron Wyden, chairs the committee, and Idaho’s U.S. Sen. Mike Crapo is its ranking Republican member. The disaster PAC was founded by survivors of fires that burned towns in California during 2017 and 2018 and which are still only partially rebuilt. The bill would sunset in 2026, according to Wyden spokesperson Hank Stern, because federal tax codes are coming up for negotiation in 2025 and there is not a lot of political will among Republicans to do long-term tax policy in the lame duck session before a new Congress and administration comes to power in January. Wyden said in a speech following the bill’s passage that it was necessary and long overdue. “Their homes and their businesses are burned, their possessions and livelihoods gone, and finally, the federal government is showing some common sense,” he said. He and California House and Senate Democrats and Republicans who championed the bill said despite working in a bipartisan way to get it passed in the Republican-controlled House, Senate Republicans stalled progress. “We’re going to be able to say to Westerners who’ve been hit by these big fires that they’re going to be able to go to bed tonight in the Western United States with a little relief that the federal government has finally come to its senses and made sure that they’re not going to have this additional tax burden,” Wyden said in his speech. Spokespersons for the American Disaster Relief PAC said it would impact survivors of wildfire in many states. “This has given a much needed glimmer of hope to millions of Americans across California, Oregon, Hawaii, Washington and Idaho who have been devastated by tragedy.” Oregon Republicans also welcomed the bill, including state Rep. Christine Goodwin of Canyonville, who worked on a similar bill passed by Oregon’s Legislature. “ When I first wrote Oregon’s framework for wildfire disaster tax relief, I did so with the belief that government should not profit from the misfortune of its citizens. It took Rep. Jami Cate and I many years to get the bill over the line here in Oregon; I’m happy to see similar efforts happen so swiftly at the federal level. ” The state bill passed unanimously in the spring of 2024, ending state income taxation on settlements and lawyer fees for wildfire victims. That bill, Senate Bill 1520 , was championed by survivors of the 2020 Labor Day Fires, including Sam Drevo, who survived the Santiam Canyon fire that burned down much of the city of Gates in the heart of the Santiam State Forest. “On behalf of fire survivors everywhere, I am deeply grateful that this passed. I’m not super thrilled about the sunset, but it’s a huge step forward for fire survivors,” Drevo said. He and his mom are still sorting out how much she was taxed on the settlement she received to help her rebuild her home in Gates that was completely wiped out by the fires. “I know it’s going to be helpful, and to other people it’s going to be helpful. In general, it’s a huge thing to have this type of tax relief, especially in a situation where you lose everything,” he said. GET THE MORNING HEADLINES. SUBSCRIBE UPDATED at 3:58 p.m. on Thursday, Dec. 4, 2024 with more reaction.
Pune, Dec. 21, 2024 (GLOBE NEWSWIRE) -- Intrusion Detection System Market Size Analysis: “ The SNS Insider report indicates that the Intrusion Detection System Market was valued at USD 5.71 billion in 2023 and is expected to grow to USD 11.43 billion by 2032, at a CAGR of 8.0% during the forecast period of 2024-2032. ” Growing Demand for Intrusion Detection Systems (IDS) Amid Rising Cyber Threats The proliferation of cyber threats and the need to protect sensitive data have significantly escalated the demand for Intrusion Detection Systems (IDS). As businesses advance in their digital transformation initiatives and the Internet of Things (IoT) expands, vulnerabilities within networks increase. Consequently, organizations are prioritizing next-generation IDS systems to mitigate risks. Industries such as healthcare, banking, IT, and government are allocating larger budgets to procure these systems to safeguard their networks and sensitive data from advanced cyberattacks. The Rising Importance of Cloud Security The increasing adoption of cloud-based services and applications has heightened security challenges for organizations. Cloud environments are inherently decentralized, exposing them to various security threats. Reports indicate that by 2025, 85% of enterprises will operate on hybrid cloud infrastructures, making advanced IDS systems a necessity. These systems provide enhanced monitoring capabilities to identify unauthorized activities and mitigate risks in distributed cloud environments. Get a Sample Report of Intrusion Detection System Market @ https://www.snsinsider.com/sample-request/4660 Major Players Analysis Listed in this Report are: Palo Alto Networks (Palo Alto Networks WildFire, Cortex XDR) Cisco (Cisco Firepower Next-Generation Firewall, Cisco Advanced Malware Protection) McAfee (McAfee Enterprise Security Manager, McAfee Advanced Threat Protection) Fortinet (FortiGate Next-Generation Firewall, FortiSandbox) IBM (IBM QRadar Security Intelligence Platform, IBM Security Guardium Data Security Platform) Check Point Software Technologies (Check Point Infinity Architecture, Check Point Threat Prevention) Trend Micro (Trend Micro Deep Security, Trend Micro Network Security Platform) Sophos (Sophos XG Firewall, Sophos Intercept X Advanced Endpoint Protection) Kaspersky (Kaspersky Security Center, Kaspersky Endpoint Security) Symantec (Symantec Endpoint Protection, Symantec Advanced Threat Protection) Rapid7 (InsightVM Vulnerability Management, InsightIDR Security Detection and Response) Darktrace (Darktrace Enterprise Immune System, Darktrace Antigena) CrowdStrike, (CrowdStrike Falcon Platform, CrowdStrike Falcon Endpoint Protection) Carbon Black (Carbon Black Cloud Platform, Carbon Black Endpoint Protection) Qualys (Qualys Vulnerability Management and Compliance, Qualys Cloud Agent) Tripwire (Tripwire Enterprise, Tripwire Log Center) ArcSight (ArcSight Enterprise Security Management (ESM), ArcSight Logger) LogRhythm (LogRhythm NextGen SIEM, LogRhythm Threat Detection and Response) AlienVault (AlienVault OSSIM, AlienVault Threat Intelligence Platform) Suricata (Suricata Open-source IDS, Suricata Cloud IDS) Intrusion Detection System Market Report Scope: Do you have any specific queries or need any customization research on Intrusion Detection System Market, Make an Enquiry Now@ https://www.snsinsider.com/enquiry/4660 Revolutionizing IDS with Artificial Intelligence and Machine Learning The integration of Artificial Intelligence and Machine Learning into IDS technology has transformed the cybersecurity landscape. AI-driven IDS solutions can process vast volumes of data, identify anomalies, and execute timely responses to potential security breaches. These systems reduce false positives, enhance threat detection accuracy, and provide real-time insights. For example, research conducted by MIT's Computer Science and Artificial Intelligence Laboratory found that AI-based IDS solutions can reduce detection times by up to 60% compared to traditional methods. Segmentation Analysis By Component The solution segment dominated the market and represented a significant revenue share of 56%, owing to the rising demand for automated threat detection in real time. Below we explore key solutions such as network-based and host-based IDS which are essential to defending sensitive information against increasingly advanced cyber intrusions. This leadership is driven by the need for higher security measures in industries such as healthcare, banking, and government. The implementation of AI and machine learning additionally boosts the efficiency of these solutions, thereby accelerating market growth. In addition, the increasing regulatory compliance requirements are also boosting the adoption of IDS solutions in many industries. The services segment is estimated to grow at the fastest CAGR during the forecast period. The growth can be attributable to the increasing demand for installation, integration, and support through managed services. Thus, the need for these services has skyrocketed with many organizations looking for experts to help administer and configure them. With the growing sophistication of cyber threats, businesses need constant monitoring and regular updates which is why, there has been an increased demand for IDS services. Intrusion Detection System Market Segmentation: By Component Type Solution SERVICES By Deployment Type Cloud-Based Infrastructure-Based By End-User Type BFSI IT & Communication Aerospace and Defense Software Industry Manufacturing Regional Landscape North America dominated the Intrusion Detection System (IDS) market and represented a significant revenue share in 2023. Supported by the wide-scale implementation of next-generation cybersecurity technologies and the concentration of significant IDS solution providers in this region, it is mainly responsible for this leadership. Market growth is largely due to increasing U.S. data protection regulations and the increasing incidence of cyberattacks on a wide variety of industries, including finance, healthcare, and IT. The Asia-Pacific region is expected to achieve the fastest growth rate during the forecast period. Rapid digital transformation in countries like China, India, and Japan is driving this surge resulting in massive demand for robust IDS solutions. The increase in investment in cybersecurity infrastructure, awareness of cyber exhibitions, and an increase in the number of data breaches are the primary factors fueling this market growth. Cloud and hybrid environments are also expanding in the region, while government-backed digital security initiatives are contributing to rapid adoption of IDS technologies. Buy an Enterprise-User PDF of Intrusion Detection System Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/checkout/4660 Recent Developments March 2024- Cisco expanded its portfolio with an AI-powered intrusion detection platform. This new system uses machine learning algorithms to detect anomalies in network traffic and identify emerging threats more effectively. April 2024 - Palo Alto Networks launched an updated version of its IDS system, integrating enhanced deep packet inspection (DPI) to detect sophisticated cyberattacks, particularly in cloud environments. Table of Contents – Major Key Points 1. Introduction 2. Executive Summary 3. Research Methodology 4. Market Dynamics Impact Analysis 5. Statistical Insights and Trends Reporting 6. Competitive Landscape 7. Intrusion Detection System Market Segmentation, By Component Type 8. Intrusion Detection System Market Segmentation, By End-Use Type 9. Intrusion Detection System Market Segmentation, By Deployment Type 10. Regional Analysis 11. Company Profiles 12. Use Cases and Best Practices 13. 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