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Protecting Homeowners from Disaster Act of 2023

12/15/2023, 3:53 PM

Summary of Bill HR 318

Bill 118 hr 318, also known as the Protecting Homeowners from Disaster Act of 2023, aims to provide financial assistance to homeowners who have been affected by natural disasters. The bill proposes to establish a grant program that would assist homeowners in repairing and rebuilding their homes after a disaster.

The bill outlines eligibility criteria for homeowners to qualify for the grant program, including requirements such as owning a primary residence that has been damaged by a natural disaster and meeting certain income thresholds. The bill also specifies the types of repairs and improvements that would be covered under the grant program, such as structural repairs, electrical and plumbing work, and energy efficiency upgrades.

In addition to providing financial assistance to homeowners, the bill also includes provisions for increasing funding for disaster mitigation and preparedness programs. This includes funding for projects that aim to reduce the impact of future disasters, such as flood control measures and wildfire prevention efforts. Overall, the Protecting Homeowners from Disaster Act of 2023 seeks to support homeowners in rebuilding their lives after a natural disaster and to invest in measures that can help prevent future disasters from causing as much damage.

Congressional Summary of HR 318

Protecting Homeowners from Disaster Act of 2023

This bill repeals the current limitation on tax deductions for personal casualty losses. Under current law, such losses are deductible in taxable years 2018-2025 only to the extent that they are attributable to a federally declared disaster.

Current Status of Bill HR 318

Bill HR 318 is currently in the status of Bill Introduced since January 12, 2023. Bill HR 318 was introduced during Congress 118 and was introduced to the House on January 12, 2023.  Bill HR 318's most recent activity was Referred to the House Committee on Ways and Means. as of January 12, 2023

Bipartisan Support of Bill HR 318

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
8
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 318

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 318

Protecting Homeowners from Disaster Act of 2023
Protecting Homeowners from Disaster Act of 2023
To amend the Internal Revenue Code of 1986 to repeal the limitation on deductions for personal casualty losses.

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