Restoring Competitive Property Insurance Availability Act
Sponsored By: Representative Higgins, Clay [R-LA-3]
Introduced
Summary
Creates a five-year tax exclusion to encourage non-life insurers to keep offering property insurance in federally declared disaster areas. It would let qualifying insurers exclude certain net premiums from gross income during the recovery period following a disaster.
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- Insurers: Non-life insurers that covered property in the disaster area before the incident date could exclude a portion of their net premiums for up to five taxable years, lowering taxable income for those policies.
- Households and property owners: By targeting insurer tax relief, the bill aims to encourage continued or expanded availability of property insurance after disasters, which can ease coverage gaps in affected communities.
- Scope and timing: The exclusion applies to real property insurance (including certain personal property on the same policy) for disaster areas with incident dates after December 31, 2024, and runs for the first five taxable years ending after the incident date.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Lower taxes for property insurers after disasters
If enacted, non-life property insurers that already covered buildings in a federally declared disaster area would get a tax exclusion. For each of the first five tax years after the incident date, they would not count as income the premiums for that area minus the deductions tied to those premiums. The rule would cover policies on property in that area and can include on-site personal property if it is on the same policy. It would apply only to disasters with incident dates after December 31, 2024.
Sponsors & CoSponsors
Sponsor
Higgins, Clay [R-LA-3]
LA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov