S 5176
117th Congress
Senate
Taxation
Disaster Mitigation and Tax Parity Act of 2022
Introduced: December 1, 2022
Introduced by:
Cassidy, Bill
Republican
· Louisiana
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 1, 2022
Read twice and referred to the Committee on Finance.
Dec 1, 2022
Introduced in Senate
Plain-English summary
Disaster Mitigation and Tax Parity Act of 2022
This bill excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. A qualified catastrophe mitigation payment means any amount received for making improvements to an individual's residence for the sole purpose of reducing the damage that would be done to such residence by a windstorm, earthquake, wildfire, or flooding.
This tax exclusion is retroactive to taxable years beginning after 2020, including by amended return.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1