Restoring Competitive Property Insurance Availability Act

Summary

Restoring Competitive Property Insurance Availability Act This bill allows certain insurance companies to temporarily exclude premiums paid for real property insurance on property located in a federally-declared disaster area from the company's gross income for federal tax purposes. Specifically, under the bill, an insurance company (other than a life insurance company) that provided real property insurance immediately prior to a federally-declared disaster for property located in the disaster area may exclude from gross income (1) the amount of premiums paid for such insurance, minus (2) any tax deductions properly attributed to such premiums. Further, such premiums may be excluded for the first five tax years ending after the date of the disaster.

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2 official files

• Introduced in House

  Introduced in House · EN · 6 February 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 February 2025

  Open at official source

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