Summary: H.R.5494 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.5494. Bill summaries are authored by CRS.

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Introduced in House (12/19/2019)

Catastrophe Loss Mitigation Incentive and Tax Parity Act of 2019

This bill excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program. A qualified catastrophe mitigation payment means any amount received for making improvements to an individual's residence for the sole purpose of reducing the damage that would be done to such residence by a windstorm, earthquake, or wildfire.