summary
Introduced
12/01/2022
12/01/2022
In Committee
12/01/2022
12/01/2022
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 2022, aims to amend the Internal Revenue Code to exclude from an individual's gross income any amount received as a "qualified catastrophe mitigation payment" under a state-based program. These payments are designed to help individuals make improvements to their residences to reduce damage from natural disasters like windstorms, earthquakes, wildfires, or flooding. The bill also includes conforming amendments and specifies that the exclusion can be claimed retroactively for tax years beginning after December 31, 2020.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 12/01/2022)
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/5176/all-info |
| BillText | https://www.congress.gov/117/bills/s5176/BILLS-117s5176is.pdf |
| Bill | https://www.congress.gov/117/bills/s5176/BILLS-117s5176is.pdf.pdf |
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