,,ii  #aafth ,,congress  #ast ,session  
,s4 #ajeh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #h1     
#bjai,ms4 ,harris 7for herself and ,mrs4
 ,feinstein7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to exclude from gross income  
earthquake loss mitigation received     
under ,state-based earthquake loss      
mitigation programs4  #a4 ,short title  
,this ,act may be cited as the          
,earthquake ,mitigation and ,tax ,parity
 ,act4  #b4 ,exclusion of earthquake    
loss mitigation received under          
,state-based earthquake loss mitigation 
programs  7a7 ,in general ,part ,,iii of
 subchapter ,b of chapter #a of the     
,internal ,revenue ,code of #aihf is    
amended by inserting after section      
#aci;,g the following new section3      
#aci;,h4 ,state-based earthquake loss   
mitigation programs  7a7 ,in general    
,gross income shall not include any     

earthquake loss mitigation received by a
 residential property owner or occupant 
under a ,state-based earthquake loss    
mitigation program4  7b7 ,earthquake    
loss mitigation ,for purposes of this   
section-- 7#a7 ,in general ,the term    
earthquake loss mitigation means any    
property or service that reduces seismic
 risks to a residential structure or its
 contents4  7#b7 ,treatment of          
reimbursements1 etc ,such term shall    
include any payment1 reimbursement1     
loan1 loan forgiveness1 grant1 credit1  
rebate1 voucher1 or other financial     
incentive for any property or service   
described in paragraph 7#a74  7#c7      
,seismic ,the term seismic has the      
meaning given such term by section #d7c7
 of the ,earthquake ,hazards ,reduction 
,act of #aigg 7#db ,u4,s4,c4 #ggjc7c774 
7c7 ,earthquake loss mitigation program 
,for purposes of this section1 the term 
earthquake loss mitigation program means
 any program which provides residential 
property owners or occupants with       

earthquake loss mitigation and which is 
established by a ,state1 or agency1     
instrumentality1 or political           
subdivision thereof1 by itself or       
together with--  7#a7 an organization   
described in section #eja7;c7 and exempt
 from tax under section #eja7;a71  7#b7 
an organization determined to be exempt 
from ,state taxes pursuant to the laws  
of the relevant ,state1 or  7#c7 a      
public instrumentality of a ,state      
pursuant to a joint exercise of powers4 
7d7 ,special rules  7#a7 ,no increase in
 basis ,notwithstanding any other       
provision of this subtitle1 no increase 
in the basis or adjusted basis of any   
property shall result from any amount   
excluded under this subsection with     
respect to such property4  7#b7 ,denial 
of double benefit ,notwithstanding any  
other provision of this subtitle1 no    
deduction or credit shall be allowed    
for1 or by reason of1 any expenditure to
 the extent of the amount excluded under
 subsection 7a7 for any qualified       

earthquake mitigation which was provided
 with respect to such expenditure4  4   
7b7 ,clerical amendment ,the table of   
sections for part ,,iii of subchapter ,b
 of chapter #a of such ,code is amended 
by inserting after the item relating to 
section #aci;,g the following new item3 
,sec4 #aci;,h4 ,state-based earthquake  
loss mitigation programs4  4  7c7       
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after ,december #ca1    
#bjah4