HEART Act of 2024

Bill: 118-hr-8846
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2024-06-26
Policy area: Taxation
Latest action: action_date: 2024-06-26
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8846 IN THE HOUSE OF REPRESENTATIVES June 26, 2024 Mr. Nunn of Iowa (for himself, Mrs. Miller-Meeks , Mrs. Hinson , and Mr. Feenstra ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide tax relief with respect to certain Federal disasters relating to severe storms, straight-line winds, and tornadoes.

1. Short title This Act may be cited as the Heartland Emergency Assistance Relief from Tax Act of 2024 or the HEART Act of 2024 . 2. Extension of rules for treatment of certain disaster-related personal casualty losses For purposes of applying section 304(b) of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, section 301 of such Act shall be applied by substituting the HEART Act of 2024 for this Act each place it appears. 3. Exclusion from gross income for compensation for losses or damages resulting from certain severe storms, straight-line winds, and tornadoes (a) In general Part III of subchapter B of chapter 1 of such Code is amended by inserting after section 139I the following new section: 139J. Compensation for losses or damages resulting from certain severe storms, straight-line winds, and tornadoes (a) In general Gross income shall not include any amount received by an individual as a qualified severe storms, straight-line winds, and tornadoes relief payment. (b) Qualified severe storms, straight-Line winds, and tornadoes relief payment For purposes of this section— (1) In general The term qualified severe storms, straight-line winds, and tornadoes relief payment means any amount received by or on behalf of an individual as compensation for losses, expenses, or damages (including compensation for additional living expenses, lost wages (other than compensation for lost wages paid by the employer which would have otherwise paid such wages), personal injury, death, or emotional distress) incurred as a result of a qualified severe storms, straight-line winds, or tornadoes disaster, but only to the extent the losses, expenses, or damages compensated by such payment are not compensated for by insurance or otherwise. (2) Qualified severe storms, straight line winds, or tornadoes disaster The term qualified severe storms, straight lines, or tornado disaster means any federally declared disaster (as defined in section 165(i)(5)(A) of the Internal Revenue Code of 1986) declared, after December 31, 2023, as a result severe storms, straight-line winds, or tornadoes. (c) Denial of double benefit Notwithstanding any other provision of this chapter— (1) no deduction or credit shall be allowed (to the person for whose benefit a qualified severe storms, straight-line winds, and tornadoes relief payment is made) for, or by reason of, any expenditure to the extent of the amount excluded under this section with respect to such expenditure, and (2) no increase in the basis or adjusted basis of any property shall result from any amount excluded under this subsection with respect to such property. . (b) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139I the following new item: Sec. 139J. Compensation for losses or damages resulting from certain severe storms, straight-line winds, and tornadoes. . (c) Effective date The amendments made by this section shall apply to amounts received after December 31, 2023.