Bills · HR 1070
IN COMMITTEE· 119TH CONGRESS
House BillHR 1070Taxation
Restoring Competitive Property Insurance Availability Act
INTRO FEB 6· LAST ACTION FEB 6
READING
3MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it tries to tackle a growing problem: the availability and cost of property insurance in areas frequently hit by natural disasters like hurricanes, wildfires, and floods. In recent years, many insurance companies have either left these high-risk markets or significantly increased premiums, making it difficult for people to protect their homes and businesses. If this bill becomes law, it could encourage insurers to stay in these areas by giving them a financial incentive (a tax break) after a disaster, potentially stabilizing the insurance market and ensuring more people have access to coverage.
Without this bill, insurance companies might continue to pull out of vulnerable regions or raise prices even further, leaving many property owners uninsured or facing unsustainable costs. By offering this tax relief, the bill aims to reduce the financial strain on insurers, which proponents hope will translate into a more stable and competitive insurance market for consumers in disaster-affected communities.
KEY PROVISIONS
4AI-extractedPROVISION 01
Excludes certain real property insurance income from gross income for qualifying insurance companies in federally declared disaster areas.
This is the core tax incentive, directly reducing the taxable income for eligible insurers.
PROVISION 02
Defines a 'specified insurance company' as a non-life insurance company that was already providing real property insurance in the disaster area before the disaster.
This clarifies which insurance companies are eligible for the tax break, focusing on existing market participants.
PROVISION 03
Establishes a 'recovery period' of five taxable years following the incident date of a disaster during which the tax exclusion applies.
This sets a clear timeframe for the tax relief, providing a sustained benefit after a disaster.
PROVISION 04
The amendments apply to disaster areas where the incident date occurs after December 31, 2024.
This sets the effective date for when the tax exclusion provisions will begin to take effect.
SPONSORSHIP
1 + 0
R· Louisiana
YRS IN OFFICE
9
BILLS LED
39
ACTION TIMELINE
2 EVENTSFEB 6
Introduced in House
FEB 6
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 1070
Congress119th
StatusIn Committee
IntroducedFeb 6, 2025
Last actionFeb 6, 2025
READER REACTIONS
OVERALL SENTIMENT
No reactions yet. Be the first to weigh in.
Discussion
Loading comments...
IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED FEB 6, 2025
House BillHR 1070Taxation
Restoring Competitive Property Insurance Availability Act
INTRODUCED FEB 6, 2025· LAST ACTION FEB 6, 2025
PASSAGE CHANCES
—%
READING
3 min
COSPONSORS
0
COMPLEXITY
Moderate
