119 HR 1070 IH: Restoring Competitive Property Insurance Availability Act U.S. House of Representatives 2025-02-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 1070IN THE HOUSE OF REPRESENTATIVESFebruary 6, 2025Mr. Higgins of Louisiana introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing real property insurance following certain federally declared disasters.

1.

Short title

This Act may be cited as the Restoring Competitive Property Insurance Availability Act.

2.

Exclusion of certain income from providing real property insurance following certain federally declared disasters

(a)

In general

Part II of subchapter L of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

836.

Exclusion of certain income from providing real property insurance following certain federally declared disasters

(a)

In general

In the case of each taxable year in the recovery period, there shall be excluded from the gross income of each specified insurance company the qualified real property insurance income of such company for such taxable year with respect to any disaster area. (b)

Specified insurance company

For purposes of this section, the term specified insurance company means, with respect to any disaster area, any insurance company (other than a life insurance company) which, immediately prior to the incident date with respect to such disaster area, provided real property insurance with respect to property located in such disaster area. (c)

Qualified real property insurance income

For purposes of this section, the term qualified real property insurance income means, with respect to any specified insurance company for any taxable year, the excess of— (1)the premiums received by such insurance company for real property insurance with respect to property located in the disaster area, over (2)deductions properly allocable to such premiums. (d)

Real property insurance

For purposes of this section, the term real property insurance shall include the coverage of risks associated with personal property if such risks are covered under the same policy that covers risks associated with real property and such personal property is located on such real property. (e)

Recovery period

For purposes of this section, the term recovery period means, with respect to any disaster area, the first 5 taxable years ending after the incident date with respect to such disaster area. (f)

Disaster area

For purposes of this section, the term disaster area has the meaning given such term in section 7508A(d)(3). (g)

Incident date

For purposes of this section, the term incident date means, with respect to any disaster area, the earliest incident date specified in the declaration with respect to such disaster area.

. (b)

Clerical amendment

The table of sections for part II of subchapter L of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 836. Exclusion of certain income from providing real property insurance following certain federally declared disasters.. (c)

Effective date

The amendments made by this section shall apply to disaster areas the incident date (as defined in section 836(g) of the Internal Revenue Code of 1986, as added by this section) of which is after December 31, 2024.