arrow_back Back to App

Tax Relief for Insurers After Federal Disasters

This bill aims to encourage insurance companies to continue offering property insurance in areas affected by federal disasters. By excluding certain income from taxation, it seeks to make it more financially viable for insurers to operate in these high-risk regions, potentially helping citizens secure necessary coverage after a catastrophe.
Key points
Insurance companies will not pay income tax on certain earnings from property insurance in federally declared disaster areas for 5 years after the incident.
This applies to real property insurance, including personal property covered under the same policy, within designated disaster zones.
The goal is to improve the availability of property insurance for homeowners and businesses following disasters, potentially reducing financial burdens and risks for residents.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1545
Sponsor: Rep. Higgins, Clay [R-LA-3]
Process start date: 2023-03-10
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

Restoring Competitive Property Insurance Availability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1545.

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 2023-03-10.

What are the main provisions?

Key points include:

  • Insurance companies will not pay income tax on certain earnings from property insurance in federally declared disaster areas for 5 years after the incident.
  • This applies to real property insurance, including personal property covered under the same policy, within designated disaster zones.
  • The goal is to improve the availability of property insurance for homeowners and businesses following disasters, potentially reducing financial burdens and risks for residents.
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 2025-12-24.

CATEGORIES

Taxes Real Estate