Search Results: keywords:"catastrophe loss mitigation"

  • S. 336 — To amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.
    Status:Introduced in Senate
    Words:655

    The bill, titled the Disaster Mitigation and Tax Parity Act of 2025, aims to amend the Internal Revenue Code of 1986. It proposes to exclude from taxable income the amounts received by individuals from State-based catastrophe loss mitigation programs. These programs help...

    Simple Explanation

    Imagine a big raincoat that helps protect people's houses from things like big storms or fires. This bill wants to make sure that when people get money from their state to buy these special raincoats for their homes, they don’t have to pay extra money to the government for it. Also, it would make this rule work like it started a few years ago.

  • H. R. 1849 — 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.
    Status:Introduced in House
    Words:663

    H. R. 1849 is designed to change the tax code so that people don't have to count money they get from state-run programs for disaster loss prevention as income on their taxes. These programs offer payments to property owners to make improvements to their properties, like...

    Simple Explanation

    This bill wants to let people keep the money they get from their state to help make their homes stronger against things like storms or fires, without having to pay extra taxes on it. It also says that when they make these changes, it won't make their property's tax value go up.