,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #bjec  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #c1 #bjai,mr4  
,?ompson ( ,cali=nia 7= himself & ,mr4  
,calv]t7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to exclude f gross income
 am\nts receiv$ f ,/ate-bas$ e>?quake   
loss mitigation programs4  #a4 ,%ort    
title ,?is ,act may be cit$ z !         
,e>?quake ,mitigation ,inc5tive & ,tax  
,p>ity ,act ( #bjai4  #b4 ,exclusion (  
am\nts receiv$ f ,/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;,g ! foll[+ 
new section3  #aci;,h4 ,/ate-bas$       
e>?quake loss mitigation programs  7a7  
,9 g5]al ,gross income %all n include   
any am\nt receiv$ z a qualifi$ e>?quake 
mitigation paym5t4  7b7 ,qualifi$       
e>?quake mitigation paym5t ,= purposes (
 ?is section--  7#a7 ,qualifi$ e>?quake 

mitigation paym5t ,! t]m qualifi$       
e>?quake mitigation paym5t means any    
am\nt :i* is receiv$ z a loan1 loan     
=giv5ess1 grant1 cr$it1 rebate1 v\*]1 or
 o!r f9ancial inc5tive pursuant to an   
e>?quake loss mitigation program        
e/abli%$ by a ,/ate1 or ag5cy1          
in/rum5tality1 or political subdivision 
!re(1 by a resid5tial prop]ty own] or   
occupant to assi/ ) exp5ses paid1 or    
obligations incurr$1 = e>?quake loss    
mitigation4  7#b7 ,e>?quake loss        
mitigation program ,! t]m e>?quake loss 
mitigation program includes a program   
e/abli%$ 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  7#c7 ,e>?quake    
loss mitigation ,! t]m e>?quake loss    

mitigation means an activity t r$uces   
seismic risks to a resid5tial /ructure  
or its cont5ts4  7#d7 ,seismic ,! t]m   
seismic has ! mean+ giv5 su* t]m by     
section #d7c7 ( ! ,e>?quake ,haz>ds     
,r$uction ,act ( #aigg 7#db ,u4,s4,c4   
#ggjc7c774  7#e7 ,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  7c7 ,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 paym5t :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;,g ! foll[+ new  
item3  ,sec4 #aci;,h4 ,/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 #bjah4