(This measure has not been amended since it was passed by the Senate on April 13, 2005. The summary of that version is repeated here.)
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments (in addition to disaster relief payments) paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on the date of enactment of this Act). Exempts property for which excludable payments are received from an increase in cost basis.
Treats any sale or transfer of property to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act as an involuntary conversion for purposes of determining the taxable gain from such sale or transfer.
Provides that the amendments made by this Act with respect to the tax exclusion for disaster mitigation payments and the tax treatment of dispositions of property under hazard mitigation programs shall apply to transactions before, on, or after the date of enactment of this Act.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S2984)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H1389)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.
Senate Committee on Finance discharged by Unanimous Consent.
Senate Committee on Finance discharged by Unanimous Consent.
Measure laid before Senate by unanimous consent. (consideration: CR S3604-3605)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Passed Senate with an amendment by Unanimous Consent.
Message on Senate action sent to the House.
Mr. Foley asked unanimous consent that the House agree to the Senate amendment.
Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to without objection.(consideration: CR H2082-2083; text as House agreed to Senate amendment: CR H2082)
Enacted as Public Law 109-7
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On motion that the House agree to the Senate amendment Agreed to without objection. (consideration: CR H2082-2083; text as House agreed to Senate amendment: CR H2082)
Motion to reconsider laid on the table Agreed to without objection.
Cleared for White House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 109-7.
Became Public Law No: 109-7.