H.R.1134 - To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments.109th Congress (2005-2006)
|Sponsor:||Rep. Foley, Mark [R-FL-16] (Introduced 03/07/2005)|
|Committees:||House - Ways and Means | Senate - Finance|
|Latest Action:||04/15/2005 Became Public Law No: 109-7. (TXT | PDF) (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.1134 — 109th Congress (2005-2006)All Information (Except Text)
Public Law No: 109-7 (04/15/2005)
(This measure has not been amended since it was passed by the Senate on April 13, 2005. The summary of that version is repeated here.)
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments (in addition to disaster relief payments) paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on the date of enactment of this Act). Exempts property for which excludable payments are received from an increase in cost basis.
Treats any sale or transfer of property to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act as an involuntary conversion for purposes of determining the taxable gain from such sale or transfer.
Provides that the amendments made by this Act with respect to the tax exclusion for disaster mitigation payments and the tax treatment of dispositions of property under hazard mitigation programs shall apply to transactions before, on, or after the date of enactment of this Act.