S. 5176
Referred to CommitteeDisaster Mitigation and Tax Parity Act of 2022
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Read twice and referred to the Committee on Finance.
12/1/2022 • Senate
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.
Introduced in Senate • 12/1/2022
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Bill Journey
Originated in the Senate
Introduced
December 1, 2022
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law