Natural Disaster Property Protection Act of 2023

Bill: 118-hr-5574
Sponsor: full_name: Rep. Pettersen, Brittany [D-CO-7]
Introduced: 2023-09-19
Policy area: Taxation
Latest action: action_date: 2023-09-19
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-09-19
action_desc: Introduced in House
text: <p> <strong>Natural Disaster Property Protection Act of 2023 </strong></p> <p>This bill increases from $600 to $5,000 the dollar threshold for information reporting of payments for qualified natural disaster expenses.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5574 IN THE HOUSE OF REPRESENTATIVES September 19, 2023 Ms. Pettersen (for herself and Mr. LaMalfa ) 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 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.