II 109th CONGRESS 1st Session S. 290 IN THE SENATE OF THE UNITED STATES February 3, 2005 Mr. Bond (for himself, Mr. Talent, Mr. Inhofe, Mr. Vitter, Ms. Landrieu, Mr. Nelson of Florida, and Mr. Conrad) 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.

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.