Bill > HR1070

This bill amends the Internal Revenue Code to create a new tax provision that allows specified insurance companies to exclude certain income from their gross taxes when providing real property insurance in areas that have been declared federal disaster areas. Specifically, for the first five years after a federally declared disaster (known as the "recovery period"), insurance companies that were providing real property insurance in the affected area immediately before the disaster can exclude from their taxable income the premiums they receive for real property insurance in that disaster area, minus associated deductions. The bill defines "real property insurance" broadly to include personal property risks if they are covered under the same policy as real property risks. The provision is designed to help insurance companies continue to provide coverage in areas that have experienced significant disasters by offering a tax incentive. The new tax rule would apply to disaster areas with an incident date after December 31, 2024, giving insurance companies a financial mechanism to support recovery and maintain insurance availability in regions affected by federal disasters.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1070/all-info