Bill > S1953

This bill, the Disaster Mitigation and Tax Parity Act of 2023, amends the Internal Revenue Code of 1986 to exclude from gross income any amounts received by or paid for the benefit of an individual as a "qualified catastrophe mitigation payment" under state-based programs. These payments are defined as amounts received to make improvements to property for the sole purpose of reducing damage from windstorms, earthquakes, or wildfires. The bill also includes conforming amendments and applies retroactively to taxable years beginning after December 31, 2020, allowing individuals to claim the exclusion, including by amended return.