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Disaster Resiliency: Grants and Tax Relief for Homeowners

This act establishes a grant program for homeowners to undertake activities that reduce the risk of damage from major disasters. It also provides tax credits for such investments and excludes received funds from taxable income. The goal is to enhance home safety and insurance availability in at-risk areas.
Key points
Grant program for states and Indian tribal governments to strengthen individual homes against disasters, with income limitations for applicants.
A 30% tax credit for qualifying mitigation expenditures, such as roof reinforcement or flood protection.
Funds received from the grant program and state-based catastrophe loss mitigation programs will not be included in taxable gross income.
Agricultural assistance: certain disaster relief payments for farmers will also be excluded from taxable income.
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Additional Information
Print number: 118_HR_7849
Sponsor: Rep. Thompson, Mike [D-CA-4]
Process start date: 2024-03-29
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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

Disaster Resiliency and Coverage Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7849.

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 2024-03-29.

What are the main provisions?

Key points include:

  • Grant program for states and Indian tribal governments to strengthen individual homes against disasters, with income limitations for applicants.
  • A 30% tax credit for qualifying mitigation expenditures, such as roof reinforcement or flood protection.
  • Funds received from the grant program and state-based catastrophe loss mitigation programs will not be included in taxable gross income.
  • Agricultural assistance: certain disaster relief payments for farmers will also be excluded from taxable income.
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. Thompson, Mike [D-CA-4].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Taxes Environment