United States HR 9057: To amend the Internal Revenue Code of 1986 to exclude from gross income certain income from providing homeowner's insurance following certain federally declared disasters.

Bill Text

I 
117THCONGRESS 
2
DSESSION 
H. R. 9057 
To  amend  the  Internal  Revenue  Code  of  1986  to  exclude  from  gross  income  
certain  income  from  providing  homeowner’s  insurance  following  certain  
federally declared disasters. 
IN  THE  HOUSE  OF  REPRESENTATIVES  
SEPTEMBER29, 2022 
Mr. H
IGGINSof Louisiana introduced the following bill; which was referred 
to the Committee on Ways and Means 
A  BILL  
To  amend  the  Internal  Revenue  Code  of  1986  to  exclude  
from  gross  income  certain  income  from  providing  home-
owner’s  insurance  following  certain  federally  declared  dis-
asters. 
Be  it  enacted  by  the  Senate  and  House  of  Representa-1
tives of the United States of America in Congress assembled, 2
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SECTION  1.  EXCLUSION  OF  CERTAIN  INCOME  FROM  PRO-1
VIDING     HOMEOWNER’S     INSURANCE     FOL-2
LOWING    CERTAIN    FEDERALLY    DECLARED    3
DISASTERS. 4
(a)  I
NGENERAL.—Part  II  of  subchapter  L  of  chap-5
ter  1  of  the  Internal  Revenue  Code  of  1986  is  amended  6
by adding at the end the following new section: 7
‘‘SEC.  836.  EXCLUSION  OF  CERTAIN  INCOME  FROM  PRO-8
VIDING     HOMEOWNER’S     INSURANCE     FOL-9
LOWING    CERTAIN    FEDERALLY    DECLARED    10
DISASTERS. 11
‘‘(a)  I
NGENERAL.—In  the  case  of  each  taxable  year  12
in  the  recovery  period,  there  shall  be  excluded  from  the  13
gross income of each specified insurance company the con-14
tinued  business  percentage  of  the  qualified  homeowner’s  15
insurance  income  of  such  company  for  such  taxable  year  16
with respect to any disaster area. 17
‘‘(b)  S
PECIFIEDINSURANCECOMPANY.—For  pur-18
poses  of  this  section,  the  term  ‘specified  insurance  com-19
pany’ means, with respect to any disaster area, any insur-20
ance   company   (other   than   a   life   insurance   company)   21
which,  immediately  prior  to  the  incident  date  with  respect  22
to  such  disaster  area,  provided  homeowner’s  insurance  23
with respect to property located in such disaster area. 24
‘‘(c)   Q
UALIFIEDHOMEOWNER’SINSURANCEIN-25
COME.—For  purposes  of  this  section,  the  term  ‘qualified  26
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homeowner’s insurance income’ means, with respect to any 1
specified  insurance  company  for  any  taxable  year,  the  ex-2
cess of— 3
‘‘(1)  the  premiums  received  by  such  insurance  4
company  for  homeowner’s  insurance  with  respect  to  5
property located in the disaster area, over 6
‘‘(2)  deductions  properly  allocable  to  such  pre-7
miums. 8
‘‘(d)    C
ONTINUEDBUSINESSPERCENTAGE.—For 9
purposes of this section, the term ‘continued business per-10
centage’  means,  with  respect  to  any  specified  insurance  11
company  for  any  taxable  year,  the  ratio  (not  greater  than  12
1) of— 13
‘‘(1)  the  amount  of  gross  premiums  written,  14
during  such  taxable  year,  on  homeowner’s  insurance  15
with  respect  to  property  located  in  the  disaster  area,  16
divided by 17
‘‘(2)  the  amount  of  gross  premiums  written,  18
during  the  last  taxable  year  of  such  insurance  com-19
pany  ending  before  the  incident  date  with  respect  to  20
such  disaster  area,  on  homeowner’s  insurance  with  21
respect to property located in the disaster area. 22
‘‘(e)  R
ECOVERYPERIOD.—For  purposes  of  this  sec-23
tion, the term ‘recovery period’ means, with respect to any 24
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disaster  area,  the  first  5  taxable  years  ending  after  the  1
incident date with respect to such disaster area. 2
‘‘(f)  D
ISASTERAREA.—For  purposes  of  this  section,  3
the  term  ‘disaster  area’  has  the  meaning  given  such  term  4
in section 7508A(d)(3). 5
‘‘(g)  I
NCIDENTDATE.—For  purposes  of  this  section,  6
the  term  ‘incident  date’  means,  with  respect  to  any  dis-7
aster  area,  the  earliest  incident  date  specified  in  the  dec-8
laration with respect to such disaster area.’’. 9
(b)  C
LERICALAMENDMENT.—The  table  of  sections  10
for  part  II  of  subchapter  L  of  chapter  1  of  the  Internal  11
Revenue  Code  of  1986  is  amended  by  adding  at  the  end  12
the following new item: 13
‘‘Sec.  836.  Exclusion  of  certain  income  from  providing  homeowner’s  insurance  
following certain federally declared disasters.’’. 
(c)  EFFECTIVEDATE.—The  amendments  made  by  14
this  section  shall  apply  to  disaster  areas  the  incident  date  15
(as defined in section