,,ii  #aae? ,,congress  #a/ ,session    
,s4 #bajd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #h1 #bjag,ms4 
,h>ris 7= h]self & ,mrs4 ,fe9/e97       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exclude f gross
 income e>?quake loss mitigation receiv$
 "u ,/ate-bas$ e>?quake loss mitigation 
programs4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,e>?quake ,mitigation      
,inc5tive & ,tax ,p>ity ,act ( #bjag4   
#b4 ,exclusion ( e>?quake loss          
mitigation receiv$ "u ,/ate-bas$        
e>?quake loss mitigation programs  7a7  
,9 g5]al ,"p ,,iii ( sub*apt] ,b ( *apt]
 #a ( ! ,int]nal ,rev5ue ,code ( #aihf  
is am5d$ by ins]t+ aft] section #aci;,f 
! foll[+ new section3  #aci;,g4         
,/ate-bas$ e>?quake loss mitigation     
programs  7a7 ,9 g5]al ,gross income    
%all n include any e>?quake loss        
mitigation receiv$ by a resid5tial      
prop]ty own] or occupant "u a ,/ate-bas$

 e>?quake loss mitigation program4  7b7 
,e>?quake loss mitigation ,= purposes ( 
?is section-- 7#a7 ,9 g5]al ,! t]m      
e>?quake loss mitigation means any      
prop]ty or s]vice t r$uces seismic risks
 to a resid5tial /ructure or its        
cont5ts4  7#b7 ,treatm5t (              
reimbursem5ts1 etc ,su* t]m %all include
 any paym5t1 reimbursem5t1 loan1 loan   
=giv5ess1 grant1 cr$it1 rebate1 v\*]1 or
 o!r f9ancial inc5tive = any prop]ty or 
s]vice describ$ 9 p>agraph 7#a74  7#c7  
,seismic ,! t]m seismic has ! mean+ giv5
 su* t]m by section #d7c7 ( ! ,e>?quake 
,haz>ds ,r$uction ,act ( #aigg 7#db     
,u4,s4,c4 #ggjc7c774  7c7 ,e>?quake loss
 mitigation program ,= purposes ( ?is   
section1 ! t]m e>?quake loss mitigation 
program means any program :i* provides  
resid5tial prop]ty own]s or occupants ) 
e>?quake loss mitigation & :i* is       
e/abli%$ by a ,/ate1 or ag5cy1          
in/rum5tality1 or political subdivision 
!re(1 by itself or toge!r )--  7#a7 an  
organization describ$ 9 section #eja7;c7

 & exempt f tax "u section #eja7;a71    
7#b7 an organization det]m9$ to be      
exempt f ,/ate taxes pursuant to ! laws 
( ! relevant ,/ate1 or  7#c7 a public   
in/rum5tality ( a ,/ate pursuant to a   
jo9t ex]cise ( p[]s4  7d7 ,special rules
  7#a7 ,no increase 9 basis ,not)/&+ any
 o!r provision ( ?is subtitle1 no       
increase 9 ! basis or adju/$ basis ( any
 prop]ty %all result f any am\nt exclud$
 "u ?is subsection ) respect to su*     
prop]ty4  7#b7 ,d5ial ( d\ble b5efit    
,not)/&+ any o!r provision ( ?is        
subtitle1 no d$uction or cr$it %all be  
all[$ =1 or by reason (1 any exp5diture 
to ! ext5t ( ! am\nt exclud$ "u         
subsection 7a7 = any qualifi$ e>?quake  
mitigation :i* 0 provid$ ) respect to   
su* exp5diture4  4  7b7 ,cl]ical am5dm5t
 ,! table ( sections = "p ,,iii (       
sub*apt] ,b ( *apt] #a ( su* ,code is   
am5d$ by ins]t+ aft] ! item relat+ to   
section #aci;,f ! foll[+ new item3      
,sec4 #aci;,g4 ,/ate-bas$ e>?quake loss 
mitigation programs4  4  7c7 ,effective 

date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft]  
,decemb] #ca1 #bjaf4