Bill 119 s 336, also known as the "State-Based Catastrophe Loss Mitigation Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to exclude from gross income any amounts received from state-based catastrophe loss mitigation programs.
In simpler terms, this bill would ensure that individuals who receive financial assistance from state programs designed to help mitigate the impact of natural disasters, such as hurricanes, wildfires, or floods, would not have to pay taxes on those funds. This exemption would apply to any money received from these programs, whether it is for property damage, temporary housing, or other disaster-related expenses.
The goal of this bill is to provide relief to individuals who have been affected by natural disasters and to encourage participation in state-based mitigation programs. By excluding these funds from taxable income, the bill aims to make it easier for individuals to recover and rebuild after a disaster strikes.
Overall, Bill 119 s 336 seeks to provide financial support to those in need during times of crisis and to promote resilience in the face of natural disasters.