Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1070 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1070
5	5	To amend the Internal Revenue Code of 1986 to exclude from gross income
6	6	certain income from providing real property insurance following certain
7	7	federally declared disasters.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	FEBRUARY6, 2025
10	10	Mr. H
11	11	IGGINSof Louisiana introduced the following bill; which was referred
12	12	to the Committee on Ways and Means
13	13	A BILL
14	14	To amend the Internal Revenue Code of 1986 to exclude
15	15	from gross income certain income from providing real
16	16	property insurance following certain federally declared
17	17	disasters.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Restoring Competitive 4
22	22	Property Insurance Availability Act’’. 5
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26	26	SEC. 2. EXCLUSION OF CERTAIN INCOME FROM PROVIDING 1
27	27	REAL PROPERTY INSURANCE FOLLOWING 2
28	28	CERTAIN FEDERALLY DECLARED DISASTERS. 3
29	29	(a) I
30	30	NGENERAL.—Part II of subchapter L of chap-4
31	31	ter 1 of the Internal Revenue Code of 1986 is amended 5
32	32	by adding at the end the following new section: 6
33	33	‘‘SEC. 836. EXCLUSION OF CERTAIN INCOME FROM PRO-7
34	34	VIDING REAL PROPERTY INSURANCE FOL-8
35	35	LOWING CERTAIN FEDERALLY DECLARED 9
36	36	DISASTERS. 10
37	37	‘‘(a) I
38	38	NGENERAL.—In the case of each taxable year 11
39	39	in the recovery period, there shall be excluded from the 12
40	40	gross income of each specified insurance company the 13
41	41	qualified real property insurance income of such company 14
42	42	for such taxable year with respect to any disaster area. 15
43	43	‘‘(b) S
44	44	PECIFIEDINSURANCECOMPANY.—For pur-16
45	45	poses of this section, the term ‘specified insurance com-17
46	46	pany’ means, with respect to any disaster area, any insur-18
47	47	ance company (other than a life insurance company) 19
48	48	which, immediately prior to the incident date with respect 20
49	49	to such disaster area, provided real property insurance 21
50	50	with respect to property located in such disaster area. 22
51	51	‘‘(c) Q
52	52	UALIFIEDREALPROPERTYINSURANCEIN-23
53	53	COME.—For purposes of this section, the term ‘qualified 24
54	54	real property insurance income’ means, with respect to 25
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58	58	any specified insurance company for any taxable year, the 1
59	59	excess of— 2
60	60	‘‘(1) the premiums received by such insurance 3
61	61	company for real property insurance with respect to 4
62	62	property located in the disaster area, over 5
63	63	‘‘(2) deductions properly allocable to such pre-6
64	64	miums. 7
65	65	‘‘(d) R
66	66	EALPROPERTYINSURANCE.—For purposes of 8
67	67	this section, the term ‘real property insurance’ shall in-9
68	68	clude the coverage of risks associated with personal prop-10
69	69	erty if such risks are covered under the same policy that 11
70	70	covers risks associated with real property and such per-12
71	71	sonal property is located on such real property. 13
72	72	‘‘(e) R
73	73	ECOVERYPERIOD.—For purposes of this sec-14
74	74	tion, the term ‘recovery period’ means, with respect to any 15
75	75	disaster area, the first 5 taxable years ending after the 16
76	76	incident date with respect to such disaster area. 17
77	77	‘‘(f) D
78	78	ISASTERAREA.—For purposes of this section, 18
79	79	the term ‘disaster area’ has the meaning given such term 19
80	80	in section 7508A(d)(3). 20
81	81	‘‘(g) I
82	82	NCIDENTDATE.—For purposes of this section, 21
83	83	the term ‘incident date’ means, with respect to any dis-22
84	84	aster area, the earliest incident date specified in the dec-23
85	85	laration with respect to such disaster area.’’. 24
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89	89	(b) CLERICALAMENDMENT.—The table of sections 1
90	90	for part II of subchapter L of chapter 1 of the Internal 2
91	91	Revenue Code of 1986 is amended by adding at the end 3
92	92	the following new item: 4
93	93	‘‘Sec. 836. Exclusion of certain income from providing real property insurance
94	94	following certain federally declared disasters.’’.
95	95	(c) EFFECTIVEDATE.—The amendments made by 5
96	96	this section shall apply to disaster areas the incident date 6
97	97	(as defined in section 836(g) of the Internal Revenue Code 7
98	98	of 1986, as added by this section) of which is after Decem-8
99	99	ber 31, 2024. 9
100	100	Æ
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