S. 336In Committee
Disaster Mitigation and Tax Parity Act of 2025
Excludes certain state catastrophe loss mitigation payments from federal taxable income when used to harden property against windstorm, earthquake, flood, or wildfire damage
Plain-English overview
What this bill does
Excludes certain state catastrophe loss mitigation payments from federal taxable income when used to harden property against windstorm, earthquake, flood, or wildfire damage
Key points
- Limit payments to disaster hardening improvements
- Allow tax treatment for state programs
- Prevent basis increases for property
- Exclude mitigation payments from income
Current status
Where it stands
Status
In Committee
Latest action
2025-01-30 — Read twice and referred to the Committee on Finance.
Related context
Topics and policy areas
undefinedDisaster relief and insuranceIncome tax exclusionNatural disastersResidential rehabilitation and home repairState and local government operationsTaxation