H.R. 1093 Introduced Taxation

Natural Disaster Property Protection Act of 2025

To amend the Internal Revenue Code of 1986 to increase the dollar threshold applicable to information reporting with respect to payments for qualified natural disaster expenses.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Pettersen, Brittany [D-CO-7] Introduced February 6, 2025 Cosponsors 1 (1 R) Latest action February 6, 2025

Summary

Natural Disaster Property Protection Act of 2025
This bill increases to $5,000 (from $600) the dollar threshold at which a person engaged in a trade or business is required to file an information return (for federal tax purposes) reporting certain payments related to a natural disaster or extreme weather.
Under current law, a person engaged in a trade or business (including a corporation, company, partnership, association, individual, estate, and trust) is required to file an information return for certain payments made during the tax year to another person (but generally not to a corporation) if such payments total (in the aggregate) $600 or more (information reporting threshold). Such payments are reported on the IRS Form 1099 series. Specifically, payments made to nonemployees in exchange for services are reported on IRS Form 1099-NEC (nonemployee compensation). (Some exceptions apply.)
Under the bill, the information reporting threshold increases to $5,000 for (1) expenses incurred to mitigate the risk of damage to real property that may result from a natural disaster or extreme weather, and (2) expenses incurred to repair damage to real property caused by a natural disaster or extreme weather.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Actions

  1. Feb 6, 2025 Referred to the House Committee on Ways and Means.
  2. Feb 6, 2025 Introduced in House

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