Disaster Mitigation and Tax Parity Act of 2023

Hozzl · 2024-03-13T06:04:21Z

Explore the details of Senate Bill 1953 Disaster Mitigation and Tax Parity Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/13/2024, 6:04 AM

Summary of Bill S 1953

Bill 118 s 1953, also known as the Disaster Mitigation and Tax Parity Act of 2023, is a piece of legislation introduced in the US Congress with the aim of addressing issues related to disaster mitigation and tax policies. The bill seeks to improve the country's ability to prepare for and respond to natural disasters, such as hurricanes, wildfires, and floods, by providing funding for mitigation efforts and streamlining the process for disaster declarations.

One key aspect of the bill is the establishment of a National Disaster Mitigation Fund, which would allocate resources to states and localities for projects aimed at reducing the impact of disasters. These projects could include infrastructure improvements, such as building stronger levees or upgrading drainage systems, as well as community education and outreach programs to increase disaster preparedness.

Additionally, the bill includes provisions to ensure that tax policies are fair and equitable for individuals and businesses affected by disasters. This includes measures to provide tax relief for disaster victims, such as allowing for deductions for disaster-related expenses and extending tax deadlines for affected taxpayers. Overall, the Disaster Mitigation and Tax Parity Act of 2023 aims to improve the country's resilience to natural disasters and provide support for those impacted by such events. It represents a bipartisan effort to address a critical issue facing communities across the United States.

Congressional Summary of S 1953

Disaster Mitigation and Tax Parity Act of 2023

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.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 1953

Bill S 1953 is currently in the status of Bill Introduced since June 13, 2023. Bill S 1953 was introduced during Congress 118 and was introduced to the Senate on June 13, 2023. Bill S 1953's most recent activity was Read twice and referred to the Committee on Finance. as of June 13, 2023

Bipartisan Support of Bill S 1953

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1953

Primary Policy Focus

Taxation

Alternate Title(s) of Bill 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.