[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2886 Introduced in Senate (IS)]
108th CONGRESS
2d Session
S. 2886
To amend the Internal Revenue Code of 1986 to exclude from gross income
certain hazard mitigation assistance.
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IN THE SENATE OF THE UNITED STATES
October 4, 2004
Mr. Bond introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to exclude from gross income
certain hazard mitigation assistance.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXCLUSION FROM GROSS INCOME FOR CERTAIN DISASTER MITIGATION
PAYMENTS.
(a) In General.--Section 139 of the Internal Revenue Code of 1986
(relating to disaster relief payments) is amended by adding at the end
the following new subsection:
``(g) Certain Disaster Mitigation Payments.--Gross income shall not
include the value of any amount received directly or indirectly as
payment or benefit by the owner of any property for hazard mitigation
with respect to the property pursuant to the Robert T. Stafford
Disaster Relief and Emergency Assistance Act or the National Flood
Insurance Act.''
(b) Effective Date.--The amendment made by this section shall apply
to taxable years ending on or after December 31, 2004.
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