Restoring Competitive Property Insurance Availability Act
Introduced Feb 6, 2025 by Rep. Clay Higgins
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
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.
Summary by the Congressional Research Service.
No floor votes yet — it hasn't reached the floor of either chamber.