119-hr1070

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1070 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 1070

To amend the Internal Revenue Code of 1986 to exclude from gross income 
certain income from providing real property insurance following certain 
 federally declared disasters.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 February 6, 2025

 Mr. Higgins of Louisiana 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 income from providing real property insurance following certain 
 federally declared disasters.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Restoring Competitive Property 
Insurance Availability Act''.

SEC. 2. EXCLUSION OF CERTAIN INCOME FROM PROVIDING REAL PROPERTY 
 INSURANCE FOLLOWING CERTAIN FEDERALLY DECLARED DISASTERS.

    (a) In General.--Part II of subchapter L of chapter 1 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new section:

``

SEC. 836. EXCLUSION OF CERTAIN INCOME FROM PROVIDING REAL PROPERTY 
 INSURANCE FOLLOWING CERTAIN FEDERALLY DECLARED DISASTERS.

 ``

    (a) In General.--In the case of each taxable year in the recovery 
period, there shall be excluded from the gross income of each specified 
insurance company the qualified real property insurance income of such 
company for such taxable year with respect to any disaster area.
 ``

    (b) Specified Insurance Company.--For purposes of this section, 
the term `specified insurance company' means, with respect to any 
disaster area, any insurance company (other than a life insurance 
company) which, immediately prior to the incident date with respect to 
such disaster area, provided real property insurance with respect to 
property located in such disaster area.
 ``
            (c) Qualified Real Property Insurance Income.--For purposes of 
this section, the term `qualified real property insurance income' 
means, with respect to any specified insurance company for any taxable 
year, the excess of--
 ``

    (1) the premiums received by such insurance company for 
 real property insurance with respect to property located in the 
 disaster area, over
 ``

    (2) deductions properly allocable to such premiums.
 ``
            (d) Real Property Insurance.--For purposes of this section, the 
term `real property insurance' shall include the coverage of risks 
associated with personal property if such risks are covered under the 
same policy that covers risks associated with real property and such 
personal property is located on such real property.
 ``

    (e) Recovery Period.--For purposes of this section, the term 
`recovery period' means, with respect to any disaster area, the first 5 
taxable years ending after the incident date with respect to such 
disaster area.
 ``

    (f) Disaster Area.--For purposes of this section, the term 
`disaster area' has the meaning given such term in 

section 7508A
            (d) (3) .
 ``

    (g) Incident Date.--For purposes of this section, the term 
`incident date' means, with respect to any disaster area, the earliest 
incident date specified in the declaration with respect to such 
disaster area.''.

    (b) Clerical Amendment.--The table of sections for part II of 
subchapter L of chapter 1 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new item:

``

Sec. 836. Exclusion of certain income from providing real property 
 insurance following certain federally 
 declared disasters.''.
            (c) Effective Date.--The amendments made by this section shall 
apply to disaster areas the incident date (as defined in 

section 836

    (g) of the Internal Revenue Code of 1986, as added by this section) of 
which is after December 31, 2024.
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