H.R. 1070 · 119th Congress
Restoring Competitive Property Insurance Availability Act
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R
HigginsSponsorNo cosponsors.
This bill allows certain insurance companies to temporarily exclude premiums paid for real property insurance on property located in a federally-declared disaster area from the company's gross income for federal tax purposes.
What it does: CRS summary · Introduced in House · Feb 6, 2025
Restoring Competitive Property Insurance Availability Act
This bill allows certain insurance companies to temporarily exclude premiums paid for real property insurance on property located in a federally-declared disaster area from the company's gross income for federal tax purposes.
Specifically, under the bill, an insurance company (other than a life insurance company) that provided real property insurance immediately prior to a federally-declared disaster for property located in the disaster area may exclude from gross income (1) the amount of premiums paid for such insurance, minus (2) any tax deductions properly attributed to such premiums. Further, such premiums may be excluded for the first five tax years ending after the date of the disaster.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Restoring Competitive Property Insurance Availability Act
Latest action (Feb 6, 2025): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Feb 6, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.