arrow_back Back to App

Tax Relief for Insurers After Federal Disasters

This bill aims to exempt insurance companies from paying income tax on earnings from homeowner's insurance after federally declared disasters. This could allow insurers to retain more funds for claims and maintain operations in affected areas, potentially speeding up recovery and support for citizens impacted by disasters.
Key points
Insurance companies will not pay tax on income from homeowner's insurance in federally declared disaster areas.
The exemption applies to income earned within five years following a disaster declaration.
The goal is to help insurers maintain operations and expedite claims payments after catastrophes.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_9057
Sponsor: Rep. Higgins, Clay [R-LA-3]
Process start date: 2022-09-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing homeowner's insurance following certain federally declared disasters.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9057.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-09-29.

What are the main provisions?

Key points include:

  • Insurance companies will not pay tax on income from homeowner's insurance in federally declared disaster areas.
  • The exemption applies to income earned within five years following a disaster declaration.
  • The goal is to help insurers maintain operations and expedite claims payments after catastrophes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Higgins, Clay [R-LA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Real Estate