What is the official ID of this bill?
The official print number for this legislation is HR 1545.
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.
Status:
Expired
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