119th Congress Taxation
S. 336: Disaster Mitigation and Tax Parity Act of 2025
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill excludes from gross income, for federal income tax purposes, payments received from a state catastrophe loss mitigation program by an individual for the purpose of making improvements to the individual’s property that mitigate the impact of certain disasters.
Under current law, individuals may exclude from gross income, for federal income tax purposes, payments received under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) for hazard mitigation. (Some exceptions apply.) Further, under current law, such payments do not increase the basis of the property for which the payments are made.
The bill allows a similar exclusion from gross income for certain payments received by an individual from a program established by
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- a state (or any political subdivision or instrumentality of the state),
- a joint powers authority, or
- an entity that was established by the state to provide essential or basic property insurance and is regulated by the state.
Under the bill, such payments must be for making improvements to the individual’s property for the sole purpose of reducing damage that would be done to the property by a windstorm, earthquake, flood, or wildfire.
Finally, the bill provides that such payments from a state catastrophe loss mitigation program do not increase the basis of the property for which the payments are made.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Michael Bennet D-COOriginal
- Ted Budd R-NCOriginal
- Bill Cassidy R-LAOriginal
- John Hickenlooper D-COOriginal
- Amy Klobuchar D-MNOriginal
- John Kennedy R-LAOriginal
- Jeff Merkley D-OROriginal
- Alejandro Padilla D-CAOriginal
- Adam Schiff D-CAOriginal
- Roger Wicker R-MSOriginal
- Katie Britt R-AL
- Ruben Gallego D-AZ
Who scored on this bill
- 1Thom Tillis SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Thom Tillis
History
- Introduced in the Senate by Thom Tillis.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.