[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2886 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2886

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


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                   IN THE SENATE OF THE UNITED STATES

                            October 4, 2004

   Mr. Bond 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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