Bicameral, Bipartisan Bill Introduced to Prepare Homeowners for Natural Disasters

On June 13th, U.S. Representatives Doug LaMalfa (R-Richvale) and Mike Thompson (D-Napa) introduced the bicameral, bipartisan Disaster Mitigation and Tax Parity Act, which will exempt from federal taxes, rebates that homeowners receive for hardening their homes against natural disasters. The Senate companion bill was led by Senator Dianne Feinstein and Thom Tillis (R-North Carolina). California, North Carolina, Louisiana, and Alabama are among the states that provide rebates to homeowners who take steps to protect their homes from natural disasters; however, rebates that are not from the federal government are subject to federal taxes. This bill would place natural disaster mitigation efforts in a category similar to energy conservation improvements, which are already except from Federal income taxes.