Disaster Mitigation and Tax Parity Act of 2022

Senate Bill 5176 - Disaster Mitigation and Tax Parity Act of 2022: Overview, Status, and Impact

Hozzl · 2022-12-29T09:03:22Z

Explore the details of Senate Bill 5176 Disaster Mitigation and Tax Parity Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 9:03 AM

Congressional Summary of S 5176

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.

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Current Status of Bill S 5176

Bill S 5176 is currently in the status of Bill Introduced since December 1, 2022. Bill S 5176 was introduced during Congress 117 and was introduced to the Senate on December 1, 2022. Bill S 5176's most recent activity was Read twice and referred to the Committee on Finance. as of December 1, 2022

Bipartisan Support of Bill S 5176

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 5176

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 5176

Disaster Mitigation and Tax Parity Act of 2022

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