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Restoring Competitive Property Insurance Availability Act
To amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing real property insurance following certain federally declared disasters.
Summary
This bill amends the Internal Revenue Code to provide a tax incentive for property insurance companies operating in federally declared disaster areas. For five years following a disaster, insurance companies would exclude from their taxable income the premiums they receive from providing real property insurance in that disaster area, minus associated deductions. The tax exclusion applies to non-life insurance companies that were offering property insurance in the affected area before the disaster occurred. The provision is intended to encourage insurers to continue or expand coverage in disaster zones by reducing their tax liability on disaster-related insurance income. The exclusion applies to disasters with incident dates after December 31, 2024.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Higgins, Clay [R-LA-3] (R-LA)
Money behind the sponsor
Top reported contributors to Clay Higgins’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $14,100
- SAFESOURCE DIRECT $10,500
- THE PICARD GROUP $8,300
- WINN CORRECTIONAL $6,666
- PHI, INC. $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Clay Higgins → · Outside spending →
Actions (2)
- Feb 6, 2025 Referred to the House Committee on Ways and Means. · house
- Feb 6, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 6, 2025
Mr. Higgins of Louisiana introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing real property insurance following certain federally declared disasters.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Restoring Competitive Property Insurance Availability Act”.
SEC. 2. EXCLUSION OF CERTAIN INCOME FROM PROVIDING REAL PROPERTY INSURANCE FOLLOWING CERTAIN FEDERALLY DECLARED DISASTERS.
(a) In General.—Part II of subchapter L of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
“SEC. 836. EXCLUSION OF CERTAIN INCOME FROM PROVIDING REAL PROPERTY INSURANCE FOLLOWING CERTAIN FEDERALLY DECLARED DISASTERS.
“(a) In General.—In the case of each taxable year in the recovery period, there shall be excluded from the gross income of each specified insurance company the qualified real property insurance income of such company for such taxable year with respect to any disaster area.
“(b) Specified Insurance Company.—For purposes of this section, the term ‘specified insurance company’ means, with respect to any disaster area, any insurance company (other than a life insurance company) which, immediately prior to the incident date with respect to such disaster area, provided real property insurance with respect to property located in such disaster area.
“(c) Qualified Real Property Insurance Income.—For purposes of this section, the term ‘qualified real property insurance income’ means, with respect to any specified insurance company for any taxable year, the excess of—
“(1) the premiums received by such insurance company for real property insurance with respect to property located in the disaster area, over
“(2) deductions properly allocable to such premiums.
“(d) Real Property Insurance.—For purposes of this section, the term ‘real property insurance’ shall include the coverage of risks associated with personal property if such risks are covered under the same policy that covers risks associated with real property and such personal property is located on such real property.
“(e) Recovery Period.—For purposes of this section, the term ‘recovery period’ means, with respect to any disaster area, the first 5 taxable years ending after the incident date with respect to such disaster area.
“(f) Disaster Area.—For purposes of this section, the term ‘disaster area’ has the meaning given such term in section 7508A(d)(3).
“(g) Incident Date.—For purposes of this section, the term ‘incident date’ means, with respect to any disaster area, the earliest incident date specified in the declaration with respect to such disaster area.”.
(b) Clerical Amendment.—The table of sections for part II of subchapter L of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
“Sec. 836. Exclusion of certain income from providing real property insurance following certain federally declared disasters.”.
(c) Effective Date.—The amendments made by this section shall apply to disaster areas the incident date (as defined in section 836(g) of the Internal Revenue Code of 1986, as added by this section) of which is after December 31, 2024. <all>
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