118th Congress · SENATE BILLBILL

S. 1953 — Disaster Mitigation and Tax Parity Act of 2023

“A bill to amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.”

Taxation

Introduced Jun 13, 2023

Last action Jun 13, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 13, 2023

Step 2

Referred

Jun 13, 2023

Finance

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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 property for the sole purpose of reducing the damage that would be done to such property by a windstorm, earthquake, or wildfire.

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Jun 13, 2023

Introduced in Senate

Jun 13, 2023

Read twice and referred to the Committee on Finance.