Restoring Competitive Property Insurance Availability Act

Bill: 118-hr-1545
Sponsor: full_name: Rep. Higgins, Clay [R-LA-3]
Introduced: 2023-03-10
Policy area: Taxation
Latest action: action_date: 2023-03-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-03-10
action_desc: Introduced in House
text: <p> <strong>Restoring Competitive Property Insurance Availability Act </strong></p> <p>This bill excludes from the gross income of specified insurance companies (other than life insurance companies) certain income from providing qualified real property insurance after a federally declared disaster. The bill defines <em>qualified real property insurance income</em> to mean the excess of premiums received by such insurance companies for real property insurance for property located in the disaster area, over deductions properly allocable to such premiums.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1545 IN THE HOUSE OF REPRESENTATIVES March 10, 2023 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.

1. Short title This Act may be cited as the Restoring Competitive Property Insurance Availability Act . 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: 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, 2022.