Install
Restoring Competitive Property Insurance Availability Act
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.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
Summary
Restoring Competitive Property Insurance Availability Act
This bill allows certain insurance companies to temporarily exclude premiums paid for real property insurance on property located in a federally-declared disaster area from the company's gross income for federal tax purposes.
Specifically, under the bill, an insurance company (other than a life insurance company) that provided real property insurance immediately prior to a federally-declared disaster for property located in the disaster area may exclude from gross income (1) the amount of premiums paid for such insurance, minus (2) any tax deductions properly attributed to such premiums. Further, such premiums may be excluded for the first five tax years ending after the date of the disaster.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Feb 6, 2025 Referred to the House Committee on Ways and Means.
- Feb 6, 2025 Introduced in House
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