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Tax Relief for Insurers After Disasters

This bill aims to encourage insurance companies to continue offering property insurance in areas affected by natural disasters. By excluding certain income from taxation, companies might be more willing to stay in these markets, potentially helping citizens secure necessary insurance after catastrophes.
Key points
Insurance companies will not pay tax on income from property insurance in federally declared disaster areas for 5 years after the event.
The goal is to increase the availability of property insurance for citizens living in disaster-prone regions.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1070
Sponsor: Rep. Higgins, Clay [R-LA-3]
Process start date: 2025-02-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
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 119_HR_1070.

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 2025-02-06.

What are the main provisions?

Key points include:

  • Insurance companies will not pay tax on income from property insurance in federally declared disaster areas for 5 years after the event.
  • The goal is to increase the availability of property insurance for citizens living in disaster-prone regions.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Taxes Real Estate