I
109th CONGRESS
1st Session
H. R. 380
IN THE HOUSE OF REPRESENTATIVES
January 26, 2005
Mr. Foley (for himself, Mr. Istook, Mr. Jindal, Mrs. Christensen, Mr. Cole of Oklahoma, Mr. Boyd, Mr. Fitzpatrick of Pennsylvania, Mr. Baker, Mr. Ford, Mr. Blumenauer, Mr. Kennedy of Minnesota, Mr. Wilson of South Carolina, Mr. Shaw, Mr. Bachus, Mr. Wexler, Mr. Melancon, Mr. Strickland, Mr. Herger, Mr. Lincoln Diaz-Balart of Florida, Mr. Bilirakis, Ms. Eshoo, Mr. Sullivan, Mr. Gillmor, Mr. Paul, Mr. Meek of Florida, Ms. Harris, Ms. Corrine Brown of Florida, Ms. Ros-Lehtinen, Ms. Bordallo, Mr. Towns, and Mr. Etheridge) 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 hazard mitigation assistance.
Exclusion from gross income for certain disaster mitigation payments
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:
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.
.
Effective date
The amendment made by this section shall apply to taxable years ending on or after December 31, 2004.