118 HR 5574 IH: Natural Disaster Property Protection Act of 2023 U.S. House of Representatives 2023-09-19 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.

I118th CONGRESS1st SessionH. R. 5574IN THE HOUSE OF REPRESENTATIVESSeptember 19, 2023Ms. Pettersen (for herself and Mr. LaMalfa) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to increase the dollar threshold applicable to information reporting with respect to payments for qualified natural disaster expenses.

1.

Short title

This Act may be cited as the Natural Disaster Property Protection Act of 2023.

2.

Increase in threshold requiring information reporting to respect to qualified natural disaster expenses

(a)

Returns regarding payment in course of trade or business

Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (h)

Increased threshold for qualified natural disaster expenses

(1)

In general

In the case of a payment for a qualified natural disaster expense, subsection (a) shall be applied by substituting $5,000 for $600. (2)

Qualified natural disaster expense

For purposes of this subsection, the term qualified natural disaster expense means— (A)an expense incurred to mitigate the risk posed to real property by natural disasters or extreme weather, or (B)an expense incurred to repair damage done to real property by natural disasters or extreme weather.. (b)

Returns regarding payments of remuneration for services

Section 6041A of such Code is amended by adding at the end the following new subsection: (g)

Increased threshold for qualified natural disaster expenses

In the case of a payment for a qualified natural disaster expense (as defined in section 6041(h)(2)), subsection (a)(2) shall be applied by substituting $5,000 for $600. . (c)

Effective date

The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this section.