HR 5494
Catastrophe Loss Mitigation Incentive and Tax Parity Act of 2019
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Bill overview
This bill aims to help homeowners recover from disasters by excluding payments received from state programs designed to reduce damage from windstorms, earthquakes, or wildfires from their taxable income. Specifically, it amends the Internal Revenue Code to treat these ‘qualified catastrophe mitigation payments’ as income-free. This would provide financial relief to individuals making improvements to their homes to lessen the impact of these events. The changes take effect starting in 2020.
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Primary sponsor
Cosponsors
Bradley Byrne
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