H.R. 1093 · 119th Congress
Natural Disaster Property Protection Act of 2025
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D
PettersenSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill increases to $5,000 (from $600) the dollar threshold at which a person engaged in a trade or business is required to file an information return (for federal tax purposes) reporting certain payments related to a natural disaster or extreme weather.
What it does: CRS summary · Introduced in House · Feb 6, 2025
Natural Disaster Property Protection Act of 2025
This bill increases to $5,000 (from $600) the dollar threshold at which a person engaged in a trade or business is required to file an information return (for federal tax purposes) reporting certain payments related to a natural disaster or extreme weather.
Under current law, a person engaged in a trade or business (including a corporation, company, partnership, association, individual, estate, and trust) is required to file an information return for certain payments made during the tax year to another person (but generally not to a corporation) if such payments total (in the aggregate) $600 or more (information reporting threshold). Such payments are reported on the IRS Form 1099 series. Specifically, payments made to nonemployees in exchange for services are reported on IRS Form 1099-NEC (nonemployee compensation). (Some exceptions apply.)
Under the bill, the information reporting threshold increases to $5,000 for (1) expenses incurred to mitigate the risk of damage to real property that may result from a natural disaster or extreme weather, and (2) expenses incurred to repair damage to real property caused by a natural disaster or extreme weather.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Natural Disaster Property Protection Act of 2025
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.