summary
Introduced
07/22/2021
07/22/2021
In Committee
07/22/2021
07/22/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.
AI Summary
This bill, the Disaster Mitigation and Tax Parity Act of 2021, amends the Internal Revenue Code to exclude from an individual's gross income any amounts received from state-based catastrophe loss mitigation programs. These "qualified catastrophe mitigation payments" are defined as payments an individual receives to make improvements to their residence for the sole purpose of reducing damage from windstorms, earthquakes, or wildfires. The bill also includes conforming amendments and the changes would apply to taxable years beginning after December 31, 2021.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 09/08/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/2432/all-info |
| BillText | https://www.congress.gov/117/bills/s2432/BILLS-117s2432is.pdf |
| Bill | https://www.congress.gov/117/bills/s2432/BILLS-117s2432is.pdf.pdf |
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