HEART Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8846 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8846

    To provide tax relief with respect to certain Federal disasters 
     relating to severe storms, straight-line winds, and tornadoes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2024

Mr. Nunn of Iowa (for himself, Mrs. Miller-Meeks, Mrs. Hinson, and Mr. 
  Feenstra) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
    To provide tax relief with respect to certain Federal disasters 
     relating to severe storms, straight-line winds, and tornadoes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Heartland Emergency Assistance 
Relief from Tax Act of 2024'' or the ``HEART Act of 2024''.

SEC. 2. EXTENSION OF RULES FOR TREATMENT OF CERTAIN DISASTER-RELATED 
              PERSONAL CASUALTY LOSSES.

    For purposes of applying section 304(b) of the Taxpayer Certainty 
and Disaster Tax Relief Act of 2020, section 301 of such Act shall be 
applied by substituting ``the HEART Act of 2024'' for ``this Act'' each 
place it appears.

SEC. 3. EXCLUSION FROM GROSS INCOME FOR COMPENSATION FOR LOSSES OR 
              DAMAGES RESULTING FROM CERTAIN SEVERE STORMS, STRAIGHT-
              LINE WINDS, AND TORNADOES.

    (a) In General.--Part III of subchapter B of chapter 1 of such Code 
is amended by inserting after section 139I the following new section:

``SEC. 139J. COMPENSATION FOR LOSSES OR DAMAGES RESULTING FROM CERTAIN 
              SEVERE STORMS, STRAIGHT-LINE WINDS, AND TORNADOES.

    ``(a) In General.--Gross income shall not include any amount 
received by an individual as a qualified severe storms, straight-line 
winds, and tornadoes relief payment.
    ``(b) Qualified Severe Storms, Straight-Line Winds, and Tornadoes 
Relief Payment.--For purposes of this section--
            ``(1) In general.--The term `qualified severe storms, 
        straight-line winds, and tornadoes relief payment' means any 
        amount received by or on behalf of an individual as 
        compensation for losses, expenses, or damages (including 
        compensation for additional living expenses, lost wages (other 
        than compensation for lost wages paid by the employer which 
        would have otherwise paid such wages), personal injury, death, 
        or emotional distress) incurred as a result of a qualified 
        severe storms, straight-line winds, or tornadoes disaster, but 
        only to the extent the losses, expenses, or damages compensated 
        by such payment are not compensated for by insurance or 
        otherwise.
            ``(2) Qualified severe storms, straight line winds, or 
        tornadoes disaster.--The term `qualified severe storms, 
        straight lines, or tornado disaster' means any federally 
        declared disaster (as defined in section 165(i)(5)(A) of the 
        Internal Revenue Code of 1986) declared, after December 31, 
        2023, as a result severe storms, straight-line winds, or 
        tornadoes.
    ``(c) Denial of Double Benefit.--Notwithstanding any other 
provision of this chapter--
            ``(1) no deduction or credit shall be allowed (to the 
        person for whose benefit a qualified severe storms, straight-
        line winds, and tornadoes relief payment is made) for, or by 
        reason of, any expenditure to the extent of the amount excluded 
        under this section with respect to such expenditure, and
            ``(2) no increase in the basis or adjusted basis of any 
        property shall result from any amount excluded under this 
        subsection with respect to such property.''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the item relating to section 139I the following new item:

``Sec. 139J. Compensation for losses or damages resulting from certain 
                            severe storms, straight-line winds, and 
                            tornadoes.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts received after December 31, 2023.
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