109 HR 380 IH: To amend the Internal Revenue Code of 1986 to exclude from gross income certain hazard mitigation assistance. U.S. House of Representatives 2005-01-26 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.

I 109th CONGRESS 1st Session H. R. 380 IN THE HOUSE OF REPRESENTATIVES January 26, 2005 Mr. Foley (for himself, Mr. Istook, Mr. Jindal, Mrs. Christensen, Mr. Cole of Oklahoma, Mr. Boyd, Mr. Fitzpatrick of Pennsylvania, Mr. Baker, Mr. Ford, Mr. Blumenauer, Mr. Kennedy of Minnesota, Mr. Wilson of South Carolina, Mr. Shaw, Mr. Bachus, Mr. Wexler, Mr. Melancon, Mr. Strickland, Mr. Herger, Mr. Lincoln Diaz-Balart of Florida, Mr. Bilirakis, Ms. Eshoo, Mr. Sullivan, Mr. Gillmor, Mr. Paul, Mr. Meek of Florida, Ms. Harris, Ms. Corrine Brown of Florida, Ms. Ros-Lehtinen, Ms. Bordallo, Mr. Towns, and Mr. Etheridge) 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.

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.