,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #edid  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ai1       
#bjai,mr4 ,thompson of ,california 7for 
himself1 ,mr4 ,calvert1 ,ms4 ,sewell of 
,alabama1 ,mr4 ,rice of ,south          
,carolina1 ,mr4 ,rouzer1 ,mr4           
,garamendi1 ,ms4 ,speier1 ,mr4 ,gomez1  
,ms4 ,judy ,chu of ,california1 ,mr4    
,panetta1 ,mr4 ,cook1 ,mr4 ,bera1 ,ms4  
,snchez1 and ,mr4 ,aguilar7 introduced  
the following bill2 which was referred  
to the ,committee on ,ways and ,means   
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to exclude from 
gross income amounts received from      
,state-based catastrophe loss mitigation
 programs4  #a4 ,short title ,this ,act 
may be cited as the ,catastrophe ,loss  
,mitigation ,incentive and ,tax ,parity 
,act of #bjai4  #b4 ,exclusion of       
amounts received from state-based       
catastrophe loss mitigation programs    
7a7 ,in general ,section #aci of the    
,internal ,revenue ,code of #aihf is    

amended by redesignating subsection 7h7 
as subsection 7i7 and by inserting after
 subsection 7g7 the following new       
subsection3  7h7 ,state-,based          
catastrophe loss mitigation programs    
7#a7 ,in general ,gross income shall not
 include any amount received by an      
individual as a qualified catastrophe   
mitigation payment under a program      
established by a ,state1 or a political 
subdivision or instrumentality thereof1 
for the purpose of making such payments4
  7#b7 ,qualified catastrophe mitigation
 payment ,for purposes of this section1 
the term qualified catastrophe          
mitigation payment means any amount     
which is received by an individual to   
make improvements to such individual's  
residence for the sole purpose of       
reducing the damage that would be done  
to such residence by a windstorm1       
earthquake1 or wildfire4  7#c7 ,no      
increase in basis ,rules similar to the 
rules of subsection 7g77#c7 shall apply 
in the case of this subsection4  4  7b7 

,conforming amendments  7#a7 ,section   
#aci7;d7 is amended by striking and     
qualified and inserting 1 qualified     
catastrophe mitigation payments1 and    
qualified4  7#b7 ,section #aci7;i7 7as  
redesignated by subsection 7a77 is      
amended by striking or qualified and    
inserting 1 qualified catastrophe       
mitigation payment1 or qualified4  7c7  
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjai4