[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5206 Introduced in House (IH)]







108th CONGRESS
  2d Session
                                H. R. 5206

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 4, 2004

  Mr. Foley introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 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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