| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1093 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to increase the dollar threshold |
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| 6 | 6 | | applicable to information reporting with respect to payments for qualified |
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| 7 | 7 | | natural disaster expenses. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | FEBRUARY6, 2025 |
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| 10 | 10 | | Ms. P |
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| 11 | 11 | | ETTERSEN(for herself and Mr. LAMALFA) introduced the following bill; |
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| 12 | 12 | | which was referred to the Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To amend the Internal Revenue Code of 1986 to increase |
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| 15 | 15 | | the dollar threshold applicable to information reporting |
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| 16 | 16 | | with respect to payments for qualified natural disaster |
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| 17 | 17 | | expenses. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘Natural Disaster Prop-4 |
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| 22 | 22 | | erty Protection Act of 2025’’. 5 |
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| 23 | 23 | | VerDate Sep 11 2014 21:44 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1093.IH H1093 |
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| 24 | 24 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 25 | 25 | | •HR 1093 IH |
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| 26 | 26 | | SEC. 2. INCREASE IN THRESHOLD REQUIRING INFORMA-1 |
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| 27 | 27 | | TION REPORTING TO RESPECT TO QUALI-2 |
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| 28 | 28 | | FIED NATURAL DISASTER EXPENSES. 3 |
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| 29 | 29 | | (a) R |
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| 30 | 30 | | ETURNSREGARDINGPAYMENT INCOURSE OF 4 |
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| 31 | 31 | | T |
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| 32 | 32 | | RADE ORBUSINESS.—Section 6041 of the Internal Rev-5 |
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| 33 | 33 | | enue Code of 1986 is amended by adding at the end the 6 |
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| 34 | 34 | | following new subsection: 7 |
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| 35 | 35 | | ‘‘(h) I |
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| 36 | 36 | | NCREASEDTHRESHOLD FOR QUALIFIEDNAT-8 |
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| 37 | 37 | | URALDISASTEREXPENSES.— 9 |
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| 38 | 38 | | ‘‘(1) I |
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| 39 | 39 | | N GENERAL.—In the case of a payment 10 |
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| 40 | 40 | | for a qualified natural disaster expense, subsection 11 |
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| 41 | 41 | | (a) shall be applied by substituting ‘$5,000’ for 12 |
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| 42 | 42 | | ‘$600’. 13 |
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| 43 | 43 | | ‘‘(2) Q |
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| 44 | 44 | | UALIFIED NATURAL DISASTER EX -14 |
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| 45 | 45 | | PENSE.—For purposes of this subsection, the term 15 |
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| 46 | 46 | | ‘qualified natural disaster expense’ means— 16 |
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| 47 | 47 | | ‘‘(A) an expense incurred to mitigate the 17 |
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| 48 | 48 | | risk posed to real property by natural disasters 18 |
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| 49 | 49 | | or extreme weather, or 19 |
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| 50 | 50 | | ‘‘(B) an expense incurred to repair damage 20 |
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| 51 | 51 | | done to real property by natural disasters or ex-21 |
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| 52 | 52 | | treme weather.’’. 22 |
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| 53 | 53 | | (b) R |
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| 54 | 54 | | ETURNSREGARDINGPAYMENTS OF REMU-23 |
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| 55 | 55 | | NERATION FORSERVICES.—Section 6041A of such Code 24 |
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| 56 | 56 | | is amended by adding at the end the following new sub-25 |
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| 57 | 57 | | section: 26 |
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| 58 | 58 | | VerDate Sep 11 2014 21:44 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1093.IH H1093 |
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| 59 | 59 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 60 | 60 | | •HR 1093 IH |
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| 61 | 61 | | ‘‘(g) INCREASEDTHRESHOLD FOR QUALIFIEDNAT-1 |
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| 62 | 62 | | URALDISASTEREXPENSES.—In the case of a payment 2 |
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| 63 | 63 | | for a qualified natural disaster expense (as defined in sec-3 |
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| 64 | 64 | | tion 6041(h)(2)), subsection (a)(2) shall be applied by 4 |
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| 65 | 65 | | substituting ‘$5,000’ for ‘$600’.’’. 5 |
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| 66 | 66 | | (c) E |
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| 67 | 67 | | FFECTIVEDATE.—The amendments made by 6 |
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| 68 | 68 | | this section shall apply to amounts paid or incurred after 7 |
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| 69 | 69 | | the date of the enactment of this section. 8 |
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| 70 | 70 | | Æ |
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| 71 | 71 | | VerDate Sep 11 2014 21:44 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H1093.IH H1093 |
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| 72 | 72 | | ssavage on LAPJG3WLY3PROD with BILLS |
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