A bill to amend the Internal Revenue Code of 1986 to exclude from gross income certain hazard mitigation assistance.

Amends the Internal Revenue Code to exclude from gross income hazard mitigation payments received under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 290 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 290

To amend the Internal Revenue Code of 1986 to exclude from gross income 
                 certain hazard mitigation assistance.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 3, 2005

    Mr. Bond (for himself, Mr. Talent, Mr. Inhofe, Mr. Vitter, Ms. 
    Landrieu, Mr. Nelson of Florida, and Mr. Conrad) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
                 certain hazard mitigation assistance.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXCLUSION FROM GROSS INCOME FOR CERTAIN DISASTER MITIGATION 
              PAYMENTS.

    (a) In General.--Section 139 of the Internal Revenue Code of 1986 
(relating to disaster relief payments) is amended by adding at the end 
the following new subsection:
    ``(g) Certain Disaster Mitigation Payments.--Gross income shall not 
include the value of any amount received directly or indirectly as 
payment or benefit by the owner of any property for hazard mitigation 
with respect to the property pursuant to the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act or the National Flood 
Insurance Act.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years ending on or after December 31, 2004.
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