Excludes from gross income amounts received from state-based catastrophe loss mitigation programs.
The Disaster Mitigation and Tax Parity Act of 2025 amends the Internal Revenue Code to exclude from gross income amounts received from state-based catastrophe loss mitigation programs. These programs provide payments to property owners for improvements aimed at reducing damage from windstorms, earthquakes, or wildfires. The exclusion applies to payments made by states, political subdivisions, joint powers authorities, or entities created by state law for insurance market oversight. The changes apply to taxable years beginning after December 31, 2020.
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