summary
Introduced
06/13/2023
06/13/2023
In Committee
06/13/2023
06/13/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to provide for the exclusion from gross income of amounts received from State-based catastrophe loss mitigation programs.
AI Summary
This bill amends the Internal Revenue Code to provide an exclusion from gross income for amounts received from state-based catastrophe loss mitigation programs. Specifically, it allows individuals to exclude from their taxable income any payments they receive to make improvements to their property to reduce damage from windstorms, earthquakes, or wildfires. The bill applies retroactively to taxable years beginning after December 31, 2020, and requires the Secretary of the Treasury to provide an opportunity for individuals to claim the exclusion, including by amended return.
Committee Categories
Budget and Finance
Sponsors (34)
Doug LaMalfa (R)*,
Robert Aderholt (R),
Suzanne Bonamici (D),
Julia Brownley (D),
Ken Calvert (R),
Yadira Caraveo (D),
Jerry Carl (R),
Judy Chu (D),
Don Davis (D),
Scott Fitzgerald (R),
Robert Garcia (D),
Clay Higgins (R),
Nick LaLota (R),
Barbara Lee (D),
Mike Levin (D),
Barry Moore (R),
Kevin Mullin (D),
Greg Murphy (R),
Joe Neguse (D),
Wiley Nickel (D),
Jay Obernolte (R),
Jimmy Panetta (D),
Scott Peters (D),
Brittany Pettersen (D),
Mike Rogers (R),
Deborah Ross (D),
David Rouzer (R),
Linda Sánchez (D),
Terri Sewell (D),
Dale Strong (R),
Eric Swalwell (D),
Mike Thompson (D),
Rashida Tlaib (D),
David Valadao (R),
Last Action
Referred to the House Committee on Ways and Means. (on 06/13/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Domestic Disaster Relief
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/4070/all-info | 06/14/2023 |
| BillText | https://www.congress.gov/118/bills/hr4070/BILLS-118hr4070ih.pdf | 07/08/2023 |
Loading...