Senate Bill 5176
117th Congress(2021-2022)
Disaster Mitigation and Tax Parity Act of 2022
Introduced
Introduced in Senate on Dec 1, 2022
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
5176
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
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.
December 1, 2022
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12/01/2022
Read twice and referred to the Committee on Finance.
12/01/2022
Introduced in Senate
Public Record
Record Updated
Dec 29, 2022 9:03:22 AM