,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bdcb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bb1 #bjba,mrs4  
,fe9/e9 7= h]self1 ,mr4 ,burr1 ,mr4     
,padilla1 & ,mr4 ,tillis7 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 am\nts  
receiv$ f ,/ate-bas$ cata/rophe loss    
mitigation programs4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,disa/]       
,mitigation & ,tax ,p>ity ,act ( #bjba4 
#b4 ,exclusion ( am\nts receiv$ f       
/ate-bas$ cata/rophe loss mitigation    
programs  7a7 ,9 g5]al ,section #aci ( !
 ,int]nal ,rev5ue ,code ( #aihf is am5d$
 by r$esignat+ subsection 7h7 z         
subsection 7i7 & by ins]t+ aft]         
subsection 7g7 ! foll[+ new subsection3 
7h7 ,/ate-,bas$ cata/rophe loss         
mitigation programs  7#a7 ,9 g5]al      
,gross income %all n include any am\nt  
receiv$ by an individual z a qualifi$   
cata/rophe mitigation paym5t "u a       

program e/abli%$ by-- 7,a7 a ,/ate1     
7,b7 a political subdivision or         
in/rum5tality !re(1 or  7,c7 an entity  
e/abli%$ "u ,/ate *>t]1  = ! purpose (  
mak+ su* paym5ts4  7#b7 ,qualifi$       
cata/rophe mitigation paym5t ,= purposes
 ( ?is section1 ! t]m qualifi$          
cata/rophe mitigation paym5t means any  
am\nt :i* is receiv$ by an individual to
 make improvem5ts to su* individual's   
resid5ce = ! sole purpose ( r$uc+ !     
damage t w\ld be done to su* resid5ce by
 a w9d/orm1 e>?quake1 or wildfire4  7#c7
 ,no increase 9 basis ,rules simil> to !
 rules ( subsection 7g77#c7 %all apply 9
 ! case ( ?is subsection4  4  7b7       
,con=m+ am5dm5ts  7#a7 ,section #aci7;d7
 is am5d$ by /rik+ & qualifi$ & ins]t+ 1
 qualifi$ cata/rophe mitigation paym5ts1
 & qualifi$4  7#b7 ,section #aci7;i7 7z 
r$esignat$ by subsection 7a77 is am5d$  
by /rik+ or qualifi$ & ins]t+ 1 qualifi$
 cata/rophe mitigation paym5t1 or       
qualifi$4  7c7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 

to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjba4