CONGRESS FOR VOTERS

RepublicanBill · H.R. 1070· House(119-HR-1070)

Restoring Competitive Property Insurance Availability Act

Rep. Higgins
Age: 65 years
Louisiana
Introduced
2/6/2025
Last activity
2/6/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Clay Higgins
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "Restoring Competitive Property Insurance Availability Act," aims to amend the Internal Revenue Code of 1986. It seeks to exclude certain income from the gross income of specified insurance companies. This exclusion applies to qualified real property insurance income earned during a recovery period following certain federally declared disasters. The recovery period is defined as the first five taxable years after the incident date. This provision applies to insurance companies that provided real property insurance in the disaster area prior to the incident.

Yes· 3 of 5

  • Would business owners be better off under this?+3

    Business owners in disaster areas may benefit from more competitive and available property insurance due to the tax exclusion for providers.

  • Does this improve help for people hit by a disaster?+3

    The bill seeks to assist in disaster recovery by incentivizing insurance companies to provide real property insurance in disaster areas.

  • Does this make it easier to run a small business?+3

    By reducing the tax burden on insurance companies providing real property coverage, the bill aims to restore competitive property insurance availability for businesses in disaster areas.

The opposite

  • Does this reduce what the federal government spends?-2

    The tax exclusion reduces federal tax revenue by allowing insurance companies to exclude specific income from their gross income.