I
119THCONGRESS
1
STSESSION H. R. 1070
To amend the Internal Revenue Code of 1986 to exclude from gross income
certain income from providing real property insurance following certain
federally declared disasters.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY6, 2025
Mr. H
IGGINSof Louisiana introduced the following bill; which was referred
to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exclude
from gross income certain income from providing real
property insurance following certain federally declared
disasters.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Restoring Competitive 4
Property Insurance Availability Act’’. 5
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SEC. 2. EXCLUSION OF CERTAIN INCOME FROM PROVIDING 1
REAL PROPERTY INSURANCE FOLLOWING 2
CERTAIN FEDERALLY DECLARED DISASTERS. 3
(a) I
NGENERAL.—Part II of subchapter L of chap-4
ter 1 of the Internal Revenue Code of 1986 is amended 5
by adding at the end the following new section: 6
‘‘SEC. 836. EXCLUSION OF CERTAIN INCOME FROM PRO-7
VIDING REAL PROPERTY INSURANCE FOL-8
LOWING CERTAIN FEDERALLY DECLARED 9
DISASTERS. 10
‘‘(a) I
NGENERAL.—In the case of each taxable year 11
in the recovery period, there shall be excluded from the 12
gross income of each specified insurance company the 13
qualified real property insurance income of such company 14
for such taxable year with respect to any disaster area. 15
‘‘(b) S
PECIFIEDINSURANCECOMPANY.—For pur-16
poses of this section, the term ‘specified insurance com-17
pany’ means, with respect to any disaster area, any insur-18
ance company (other than a life insurance company) 19
which, immediately prior to the incident date with respect 20
to such disaster area, provided real property insurance 21
with respect to property located in such disaster area. 22
‘‘(c) Q
UALIFIEDREALPROPERTYINSURANCEIN-23
COME.—For purposes of this section, the term ‘qualified 24
real property insurance income’ means, with respect to 25
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any specified insurance company for any taxable year, the 1
excess of— 2
‘‘(1) the premiums received by such insurance 3
company for real property insurance with respect to 4
property located in the disaster area, over 5
‘‘(2) deductions properly allocable to such pre-6
miums. 7
‘‘(d) R
EALPROPERTYINSURANCE.—For purposes of 8
this section, the term ‘real property insurance’ shall in-9
clude the coverage of risks associated with personal prop-10
erty if such risks are covered under the same policy that 11
covers risks associated with real property and such per-12
sonal property is located on such real property. 13
‘‘(e) R
ECOVERYPERIOD.—For purposes of this sec-14
tion, the term ‘recovery period’ means, with respect to any 15
disaster area, the first 5 taxable years ending after the 16
incident date with respect to such disaster area. 17
‘‘(f) D
ISASTERAREA.—For purposes of this section, 18
the term ‘disaster area’ has the meaning given such term 19
in section 7508A(d)(3). 20
‘‘(g) I
NCIDENTDATE.—For purposes of this section, 21
the term ‘incident date’ means, with respect to any dis-22
aster area, the earliest incident date specified in the dec-23
laration with respect to such disaster area.’’. 24
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(b) CLERICALAMENDMENT.—The table of sections 1
for part II of subchapter L of chapter 1 of the Internal 2
Revenue Code of 1986 is amended by adding at the end 3
the following new item: 4
‘‘Sec. 836. Exclusion of certain income from providing real property insurance
following certain federally declared disasters.’’.
(c) EFFECTIVEDATE.—The amendments made by 5
this section shall apply to disaster areas the incident date 6
(as defined in section 836(g) of the Internal Revenue Code 7
of 1986, as added by this section) of which is after Decem-8
ber 31, 2024. 9
Æ
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