Washington – Today Rep. Mike Thompson (CA-05) and Rep. Ken Calvert (CA-42) announced that they have introduced the bipartisan Catastrophe Loss Mitigation Incentive and Tax Parity Act, a bill to exclude from Federal taxation state-based grants that support pre-disaster mitigation and give homeowners greater incentives to take action to protect their homes against wildfires, windstorms, and earthquakes. This legislation is an expansion of Thompson and Calvert’s previously-introduced legislation to offer this kind of parity for earthquake mitigation efforts.
“Year after year, our district has been battered by disasters and we must continue doing everything we can right now to mitigate the harmful impact of future disasters. Residents who take important steps to safeguard their homes should be supported in this effort,” said Thompson. “That’s why I am proud to introduce this bipartisan legislation to make it easier for people to retrofit their homes by excluding from Federal taxation the state-based grants that support mitigation efforts before disasters hit. This will help save taxpayer money upfront, keep us all safer and save the Federal government during the clean up effort. Such incentives have already been successful in mitigating earthquake damage in California and I look forward to expanding to help mitigate the impact of other disasters, such as windstorms and wildfires.”
“American families should not be penalized for receiving federal aid to protect people and property from natural disasters,” said Calvert. “Congress needs to pass this bill and encourage property owners to utilize federal resources to enhance the safety of residences.”
Text of the Catastrophe Loss Mitigation Incentive and Tax Parity Act can be found by clicking here.
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