Earthquake Mitigation Incentive and Tax Parity Act of 2019

Earthquake Mitigation Incentive and Tax Parity Act of 2019

This bill modifies the requirements for calculating taxable income to exclude from gross income any amount received as a qualified earthquake mitigation payment.

A "qualified earthquake mitigation payment" is any amount received by a residential property owner or occupant under an earthquake loss mitigation program established by a state (including an agency, instrumentality, or political subdivision of the state) or by a state with a tax-exempt organization or public instrumentality of the state.