A bill to amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.
Disaster Mitigation and Tax Parity Act of 2022
This bill excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. A qualified catastrophe mitigation payment means any amount received for making improvements to an individual's residence for the sole purpose of reducing the damage that would be done to such residence by a windstorm, earthquake, wildfire, or flooding.
This tax exclusion is retroactive to taxable years beginning after 2020, including by amended return.
Referred to the House Committee on Ways and Means.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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