To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments.

Bill: 109-hr-1134
Sponsor: Rep. Foley, Mark [R-FL-16]
Introduced: 2005-03-07 in the House
Policy area: Taxation
Subjects: Capital gains tax
Disaster relief
Emergency Management
Income tax
Land transfers
Public Lands and Natural Resources
Tax exclusion

Summary:
action_date: 2005-03-07
text: 
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments paid pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act.

action_date: 2005-03-14
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on the date of enactment of this Act). Exempts property for which excludable payments are received from an increase in cost basis.
 
Treats any sale or transfer of property to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act as an involuntary conversion for purposes of determining the taxable gain from such sale or transfer.

action_date: 2005-04-13
text: 
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments (in addition to disaster relief payments) paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on the date of enactment of this Act). Exempts property for which excludable payments are received from an increase in cost basis.
 
Treats any sale or transfer of property to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act as an involuntary conversion for purposes of determining the taxable gain from such sale or transfer. 
 
Provides that the amendments made by this Act with respect to the tax exclusion for disaster mitigation payments and the tax treatment of dispostions of property under hazard mitigation programs shall apply to transactions before, on, or after the date of enactment of this Act. 

action_date: 2005-04-15
text: 

(This measure has not been amended since it was passed by the Senate on April 13, 2005. The summary of that version is repeated here.)

 
Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments (in addition to disaster relief payments) paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on the date of enactment of this Act). Exempts property for which excludable payments are received from an increase in cost basis.
 
Treats any sale or transfer of property to the Federal Government, a State or local government, or an Indian tribal government to implement hazard mitigation under the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act as an involuntary conversion for purposes of determining the taxable gain from such sale or transfer. 
 
Provides that the amendments made by this Act with respect to the tax exclusion for disaster mitigation payments and the tax treatment of dispositions of property under hazard mitigation programs shall apply to transactions before, on, or after the date of enactment of this Act. 


Legislative actions:
action_date: 2005-04-15
text: Became Public Law No: 109-7.
action_date: 2005-04-15
text: Became Public Law No: 109-7.
action_date: 2005-04-15
text: Signed by President.
action_date: 2005-04-15
text: Signed by President.
action_date: 2005-04-14
text: Presented to President.
action_date: 2005-04-14
text: Presented to President.
action_date: 2005-04-14
text: Cleared for White House.
action_date: 2005-04-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-04-14
text: On motion that the House agree to the Senate amendment Agreed to without objection. (consideration: CR H2082-2083; text as House agreed to Senate amendment: CR H2082)
action_date: 2005-04-14
text: Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to without objection.(consideration: CR H2082-2083; text as House agreed to Senate amendment: CR H2082)
action_date: 2005-04-14
text: Mr. Foley asked unanimous consent that the House agree to the Senate amendment.
action_date: 2005-04-14
text: Message on Senate action sent to the House.
action_date: 2005-04-13
text: Passed Senate with an amendment by Unanimous Consent.
action_date: 2005-04-13
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2005-04-13
text: Measure laid before Senate by unanimous consent. (consideration: CR S3604-3605)
action_date: 2005-04-13
text: Senate Committee on Finance discharged by Unanimous Consent.
action_date: 2005-04-13
text: Senate Committee on Finance discharged by Unanimous Consent.
action_date: 2005-03-15
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2005-03-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-03-14
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H1389)
action_date: 2005-03-14
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H1389)
action_date: 2005-03-14
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1134.
action_date: 2005-03-14
text: Considered under suspension of the rules. (consideration: CR H1388-1394)
action_date: 2005-03-14
text: Mr. Foley moved to suspend the rules and pass the bill.
action_date: 2005-03-07
text: Referred to the House Committee on Ways and Means.
action_date: 2005-03-07
text: Introduced in House
action_date: 2005-03-07
text: Introduced in House

Enacted as: number: 109-7