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US HB1849
Bill
Status
3/5/2025
Primary Sponsor
Doug LaMalfa
Click for details
AI Summary
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Excludes from federal gross income any payments received from state-based catastrophe loss mitigation programs for property improvements to reduce damage from windstorms, earthquakes, or wildfires
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Qualifying programs include those established by states, political subdivisions, joint powers authorities, or state-created property insurance entities under regulatory oversight
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Payments used for mitigation improvements do not increase the property's tax basis, preventing a double tax benefit
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Applies retroactively to taxable years beginning after December 31, 2020, with the Treasury Secretary required to allow claims via amended returns
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Amends Section 139 of the Internal Revenue Code of 1986 by adding a new subsection (h) for state-based catastrophe loss mitigation programs
Legislative Description
Disaster Mitigation and Tax Parity Act of 2025
Taxation
Last Action
ASSUMING FIRST SPONSORSHIP - Mr. Murphy asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1849, a bill originally introduced by Representative LaMalfa, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
2/4/2026