Only the right has signed this so far (Bill Ranking)
H.R. 1070 · 119th Congress (2025-2026)
1 member · Left 0 · Center 0 · Right 1 (Bill Ranking)
| Sponsor | Rep. Higgins, Clay (R-LA) (Introduced 02/06/2025) |
|---|---|
| Sponsor Voting Record | Right · DW-NOMINATE +0.63 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 1 member signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | House - Ways and Means Committee |
| Latest Action | 02/06/2025 Referred to the House Committee on Ways and Means. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (02/06/2025)
Restoring Competitive Property Insurance Availability Act
This bill allows certain insurance companies to temporarily exclude premiums paid for real property insurance on property located in a federally-declared disaster area from the company's gross income for federal tax purposes.
Specifically, under the bill, an insurance company (other than a life insurance company) that provided real property insurance immediately prior to a federally-declared disaster for property located in the disaster area may exclude from gross income (1) the amount of premiums paid for such insurance, minus (2) any tax deductions properly attributed to such premiums. Further, such premiums may be excluded for the first five tax years ending after the date of the disaster.
119 HR 1070 IH: Restoring Competitive Property Insurance Availability Act U.S. House of Representatives 2025-02-06 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 1070IN THE HOUSE OF REPRESENTATIVESFebruary 6, 2025Mr. Higgins of Louisiana introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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 titleThis 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 generalPart 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 generalIn 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 companyFor 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 incomeFor 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 insuranceFor 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 periodFor 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 areaFor purposes of this section, the term disaster area has the meaning given such term in section 7508A(d)(3). (g)Incident dateFor 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 amendmentThe 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 dateThe 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, 2024.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 02/06/2025 | Library of Congress | Introduced in House |
| 02/06/2025 | Library of Congress | Introduced in House |
| 02/06/2025 | House floor actions | Referred to the House Committee on Ways and Means. |
| Title Type | Title |
|---|---|
| Display Title | Restoring Competitive Property Insurance Availability Act |
| Short Title(s) as Introduced | Restoring Competitive Property Insurance Availability Act |
| Official Title as Introduced | 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. |
There are no amendments to this bill.
There are no cosponsors of this bill.
| Committee | Activity |
|---|---|
| House - Ways and Means Committee | 02/06/2025 Referred To |
No related bill information was received for H.R. 1070.
Policy Area: Taxation
No legislative subjects have been assigned yet.
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