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Tax Relief for Home Disaster Mitigation Payments

This act amends tax laws to exclude payments received from state-based programs for home improvements aimed at mitigating damage from natural disasters like windstorms, earthquakes, wildfires, or flooding, from taxable income. This means citizens receiving financial aid to make their homes more resilient will not have to pay taxes on that assistance.
Key points
Funds received for home improvements to reduce damage from natural disasters (e.g., windstorms, earthquakes, wildfires, flooding) will not be taxed.
The changes apply to payments from state, local, or state-chartered programs designed for such mitigation efforts.
The provisions are effective for tax years beginning after December 31, 2020, allowing for retroactive claims via amended returns.
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Additional Information
Print number: 117_S_5176
Sponsor: Sen. Cassidy, Bill [R-LA]
Process start date: 2022-12-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disaster Mitigation and Tax Parity Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5176.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-01.

What are the main provisions?

Key points include:

  • Funds received for home improvements to reduce damage from natural disasters (e.g., windstorms, earthquakes, wildfires, flooding) will not be taxed.
  • The changes apply to payments from state, local, or state-chartered programs designed for such mitigation efforts.
  • The provisions are effective for tax years beginning after December 31, 2020, allowing for retroactive claims via amended returns.
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 Sen. Cassidy, Bill [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Real Estate