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HR 1849119th CongressIntroduced
Disaster Mitigation and Tax Parity Act of 2025
Introduced: Oct 28, 2025
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Disaster Mitigation and Tax Parity Act of 2025 amends the Internal Revenue Code to exclude from gross income any amounts received by individuals under state‑based catastrophe loss mitigation programs, thereby providing tax relief for disaster‑affected property owners.
Key Points
- 1Defines qualified catastrophe mitigation payments as improvements to reduce windstorm, earthquake, or wildfire damage.
- 2Excludes such payments from gross income for all taxable years beginning after 2020.
- 3Requires state programs to be established by a state, joint powers authority, or state‑created entity.
- 4Allows retroactive claims via amended returns.
- 5Amends related sections of the Internal Revenue Code to incorporate the new exclusion.
Impact Areas
Property owners and homeowners receiving state disaster mitigation funds.State disaster mitigation agencies and program administrators.Taxpayers filing federal income tax returns.IRS tax‑processing and enforcement.
Generated by openai/gpt-oss-20b:free on Nov 20, 2025