S.2104 - Earthquake Mitigation Incentive and Tax Parity Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Harris, Kamala D. [D-CA] (Introduced 11/08/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 11/08/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2104 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (11/08/2017)
Earthquake Mitigation Incentive and Tax Parity Act of 2017
This bill amends the Internal Revenue Code to exclude from gross income any earthquake loss mitigation received by a residential property owner or occupant under a state-based earthquake loss mitigation program.
"Earthquake loss mitigation" is any property or service that reduces seismic risks to a residential structure or its contents. The term includes any payment, reimbursement, loan, loan forgiveness, grant, credit, rebate, voucher, or other financial incentive for the property or service.
The bill applies to earthquake loss mitigation programs established by a state (including an agency, instrumentality, or political subdivision of the state) or by a state with a tax-exempt organization or public instrumentality of the state.