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Easier Reporting for Natural Disaster Property Protection Expenses

This bill increases the amount at which businesses must report payments to the tax authority for services related to protecting property from natural disasters or repairing damage after them. The threshold will rise from $600 to $5,000. This means less paperwork for businesses and individuals receiving such payments.
Key points
Increased reporting threshold for natural disaster-related payments from $600 to $5,000.
Reduced administrative burden for businesses and individuals involved in property protection or repair after natural disasters.
Changes apply to expenses for risk mitigation (e.g., home reinforcement) and damage repair from storms or floods.
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Expired
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Additional Information
Print number: 118_HR_5574
Sponsor: Rep. Pettersen, Brittany [D-CO-7]
Process start date: 2023-09-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Natural Disaster Property Protection Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5574.

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 2023-09-19.

What are the main provisions?

Key points include:

  • Increased reporting threshold for natural disaster-related payments from $600 to $5,000.
  • Reduced administrative burden for businesses and individuals involved in property protection or repair after natural disasters.
  • Changes apply to expenses for risk mitigation (e.g., home reinforcement) and damage repair from storms or floods.
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. Pettersen, Brittany [D-CO-7].

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 2025-12-25.

CATEGORIES

Taxes Real Estate Environment