Disaster Mitigation and Tax Parity Act of 2025
Latest action · Jan 30, 2025 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 30, 2025
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Disaster Mitigation and Tax Parity Act of 2025
This bill excludes from gross income, for federal income tax purposes, payments received from a state catastrophe loss mitigation program by an individual for the purpose of making improvements to the individual’s property that mitigate the impact of certain disasters.
Under current law, individuals may exclude from gross income, for federal income tax purposes, payments received under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) for hazard mitigation. (Some exceptions apply.) Further, under current law, such payments do not increase the basis of the property for which the payments are made.
The bill allows a similar exclusion from gross income for certain payments received by an individual from a program established by
- a state (or any political subdivision or instrumentality of the state),
- a joint powers authority, or
- an entity that was established by the state to provide essential or basic property insurance and is regulated by the state.
Under the bill, such payments must be for making improvements to the individual’s property for the sole purpose of reducing damage that would be done to the property by a windstorm, earthquake, flood, or wildfire.
Finally, the bill provides that such payments from a state catastrophe loss mitigation program do not increase the basis of the property for which the payments are made.
Cosponsors 12
Members who signed on, in the order they did. Signatures ran from Jan 30, 2025 to Dec 3, 2025; 10 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Adam B. Schiff | Original | Jan 30, 2025 |
| D-CA | Alex Padilla | Original | Jan 30, 2025 |
| D-MN | Amy Klobuchar | Original | Jan 30, 2025 |
| R-LA | Bill Cassidy | Original | Jan 30, 2025 |
| D-OR | Jeff Merkley | Original | Jan 30, 2025 |
| R-LA | John Kennedy | Original | Jan 30, 2025 |
| D-CO | John W. Hickenlooper | Original | Jan 30, 2025 |
| D-CO | Michael F. Bennet | Original | Jan 30, 2025 |
| R-MS | Roger F. Wicker | Original | Jan 30, 2025 |
| R-NC | Ted Budd | Original | Jan 30, 2025 |
| R-AL | Katie Boyd Britt | Nov 19, 2025 | |
| D-AZ | Ruben Gallego | Dec 3, 2025 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jan 30, 2025 |
Actions 2
Everything that happened, newest first.
- Jan 30, 2025Introduced in Senate
- Jan 30, 2025Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1849 | Disaster Mitigation and Tax Parity Act of 2025 | Related bill | Feb 4, 2026 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to exclude from gross income amounts received from State-based catastrophe loss mitigation programs.
- Short Title(s) as Introduced
- Disaster Mitigation and Tax Parity Act of 2025
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 30, 2025Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
