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

Act Details

To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments was, as a bill, a proposal (now, a piece of legislation) introduced on 2005-03-07 in the House of Commons and Senate respectively of the 109 United States Congress by Mark A. Foley in relation with: Capital gains tax, Disaster relief, Emergency management, Income tax, Land transfers, Public lands and natural resources, Tax exclusion, Taxation.

To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments became law (1) in the United States on 2005-04-15. It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
Senate Finance (SSFI)

Sponsor

Mark A. Foley, member of the US congress
Mark A. Foley, Republican, Representative from Florida, district 16

The proposal had the following cosponsors:

W. Todd Akin, Republican, Representative, from Missouri, district 2
Rodney Alexander, Republican, Representative, from Louisiana, district 5
Spencer T. Bachus, Republican, Representative, from Alabama, district 6
Roscoe Gardner Bartlett, Republican, Representative, from Maryland, district 6
Xavier Becerra, Democrat, Representative, from California, district 30
Michael Bilirakis, Republican, Representative, from Florida, district 9
Sanford Dixon Bishop, Democrat, Representative, from Georgia, district 2
Earl Blumenauer, Democrat, Representative, from Oregon, district 3
Roy Blunt, Republican, Senator, from Missouri, district 7
Madeleine Bordallo, Representative
Frederick C. Boucher, Democrat, Representative, from Virginia, district 9
Charles Boustany, Representative, from Louisiana, district 7
Kevin Patrick Brady, Republican, Representative, from Texas, district 8
G Butterfield, Representative, from North Carolina, district 1
Ken Calvert, Republican, Representative, from California, district 43
Dave Camp, Representative, from Michigan, district 4
Eric Cantor, Republican, Representative, from Virginia, district 7
Shelley Moore Capito, Republican, Representative, from West Virginia, district 2
Benjamin Louis Cardin, Democrat, Senator, from Maryland, district 3
Chris Chocola, Republican, Representative, from Indiana, district 2
Donna Marie Christensen, Democrat, Delegate
Tom Cole, Republican, Representative, from Oklahoma, district 4
Ander Crenshaw, Republican, Representative, from Florida, district 4
John Culberson, Republican, Representative, from Texas, district 7
Jo Ann Davis, Republican, Representative, from Virginia, district 1
Lincoln Diaz-balart, Republican, Representative, from Florida, district 21
Mario Diaz-balart, Republican, Representative, from Florida, district 25
Philip Sheridan English, Republican, Representative, from Pennsylvania, district 21
Anna Georges Eshoo, Democrat, Representative, from California, district 14
Bobby R. Etheridge, Democrat, Representative, from North Carolina, district 2
Tom Feeney, Republican, Representative, from Florida, district 24
Michael G. Fitzpatrick, Republican, Representative, from Pennsylvania, district 8
Harold Eugene Ford, Democrat, Representative, from Tennessee, district 9
Elton W. Gallegly, Republican, Representative, from California, district 23
Paul Eugene Gillmor, Republican, Representative, from Ohio, district 5
Raymond Eugene (gene) Green, Democrat, Representative, from Texas, district 29
Katherine Harris, Republican, Representative, from Florida, district 13
Melissa A. Hart, Republican, Representative, from Pennsylvania, district 4
John D. Hayworth, Republican, Representative, from Arizona, district 6
Walter William (wally) Herger, Republican, Representative, from California, district 2
Kenny Hulshof, Republican, Representative, from Missouri, district 9
Ernest James Istook, Republican, Representative, from Oklahoma, district 5
William Jennings Jefferson, Democrat, Representative, from Louisiana, district 2
Bobby Jindal, Republican, Representative, from Louisiana, district 1
Nancy Lee Johnson, Republican, Representative, from Connecticut, district 6
Mark Kennedy, Republican, Representative, from Minnesota, district 2
John R. (randy) Kuhl, Republican, Representative, from New York, district 29
Tom Lantos, Representative, from California, district 12
Ron Lewis, Republican, Representative, from Kentucky, district 2
Nita M. Lowey, Democrat, Representative, from New York, district 18
Frank D. Lucas, Republican, Representative, from Oklahoma, district 6
Connie Mack, Representative, from Florida, district 14
Michael T. Mccaul, Republican, Representative, from Texas, district 10
Jim McCrery, Representative, from Louisiana, district 4
Kendrick Meek, Representative, from Florida, district 17
Charlie Melancon, Representative, from Louisiana, district 3
Brad Miller, Representative, from North Carolina, district 13
Gary G. Miller, Republican, Representative, from California, district 41
Jefferson B. (jeff) Miller, Republican, Representative, from Florida, district 1
Timothy Murphy, Republican, Representative, from Pennsylvania, district 18
Sue Myrick, Representative, from North Carolina, district 9
Grace Flores Napolitano, Democrat, Representative, from California, district 34
Jim Nussle, Representative, from Iowa, district 2
Ron Paul, Representative, from Texas, district 14
Ted Poe, Republican, Representative, from Texas, district 2
Earl Pomeroy, Representative, from North Dakota
Robert Jones (rob) Portman, Republican, Senator, from Ohio, district 2
David Eugene Price, Democrat, Representative, from North Carolina, district 4
David G. Reichert, Republican, Representative, from Washington, district 8
Rick Renzi, Republican, Representative, from Arizona, district 1
Harold Dallas (hal) Rogers, Republican, Representative, from Kentucky, district 5
Ileana Ros-lehtinen, Republican, Representative, from Florida, district 18
C. A. (dutch) Ruppersberger, Democrat, Representative, from Maryland, district 2
Jim Ryun, Republican, Representative, from Kansas, district 2
Eugene Clay Shaw, Republican, Representative, from Florida, district 22
William (bill) Shuster, Republican, Representative, from Pennsylvania, district 9
Christopher Henry Smith, Republican, Representative, from New Jersey, district 4
Mark Souder, Representative, from Indiana, district 4
Ted Strickland, Democrat, Representative, from Ohio, district 6
John Sullivan, Representative, from Oklahoma, district 1
Mike Thompson, Representative, from California, district 1
Todd Tiahrt, Representative, from Kansas, district 4
Diane Watson, Representative, from California, district 33
Dave Weldon, Representative, from Florida, district 15
Robert Wexler, Representative, from Florida, district 19
Addison Graves (joe) Wilson, Republican, Representative, from South Carolina, district 2

Act Overview

Number: 1134 (3)
Official Title as Introduced: To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments (4)
Date First Introduced: 2005-03-07
Sponsor Name: Addison Graves (joe) Wilson
Assignment Process: See Committe Assignments (5)
Latest Major Activity/Action: Enacted
Date Enacted (signed, in general (6), by President): 2005-04-15
Type: hr (7)
Main Topic: Taxation
Related Bills: (8)
s583-109, Reason: related, Type: bill
s586-109, Reason: identical, Type: bill
Summary of To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
Primary Source: Congress Website

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

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.

Act Notes

[Note 1] An Act (like To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
[Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments are referred to joint committees made up of members of both houses.
[Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments)
[Note 4] To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 2005-03-07) and can be revised any time. This type of titles are sentences.
[Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
[Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
[Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
[Note 8] For information regarding related bill/s to To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments submitted yet.

Capital gains tax
Disaster relief
Emergency management
Income tax
Land transfers
Public lands and natural resources
Tax exclusion
Taxation

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

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