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Gross Income

All income from whatever source derived, including wages, salaries, business profits, interest, dividends, and other types of income, before deductions or exemptions.

Internal Revenue Code of 1986

The official compilation of federal tax laws in the United States.

Catastrophe Loss Mitigation Programs

Programs, usually run by state or local governments, that provide financial or other assistance to help property owners reduce potential damage from natural disasters.

Joint Powers Authority

An entity formed by two or more public agencies (like cities or counties) to jointly exercise common powers.

Basis

The original cost of an asset for tax purposes, used to determine gain or loss when the asset is sold. 'No increase in basis' means the tax benefit from the payment won't also add to the property's cost for future tax calculations.

Taxable Years

The period for which an individual or company reports their income and pays taxes, typically a calendar year (January 1 to December 31).

Amended Return

A corrected tax return filed to fix errors or make changes to a tax return that was already submitted for a past year.