H.R. 1070: Restoring Competitive Property Insurance Availability Act

119th Congress · introduced 2025-02-06 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Official title

Restoring Competitive Property Insurance Availability Act

Plain 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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Official text

Restoring Competitive Property Insurance Availability Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Higgins, Clay [R-LA-3] · 0 cosponsors

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Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr1070.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr1070 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills