H.R.549 - Homeowner Catastrophe Protection Act of 2013

To amend the Internal Revenue Code of 1986 to provide for the creation of policyholder disaster protection funds, Catastrophe Savings Accounts, and tax credits for natural disaster mitigation expenditures. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for the creation of policyholder disaster protection funds, Catastrophe Savings Accounts, and tax credits for natural disaster mitigation expenditures. as introduced.
  • Short: Homeowner Catastrophe Protection Act of 2013 as introduced.

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Introduced
 
House
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Senate
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President
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02/06/13
 
 
 
 
 
 
 

Official Summary

Homeowner Catastrophe Protection Act of 2013 - Amends the Internal Revenue Code to: (1) allow insurance companies (other than life insurance companies) to make tax deductible contributions to a tax-exempt policyholder disaster protection fund established by this Act for the payment of polic

Official Summary

Homeowner Catastrophe Protection Act of 2013 - Amends the Internal Revenue Code to:
(1) allow insurance companies (other than life insurance companies) to make tax deductible contributions to a tax-exempt policyholder disaster protection fund established by this Act for the payment of policyholders' claims arising from certain catastrophic events, such as windstorms, earthquakes, snowstorms, fires, tsunamis or floods, volcanic eruptions, or hail;
(2) establish a tax-exempt Catastrophe Savings Account to help taxpayers pay for catastrophe expenses; and
(3) allow a nonrefundable tax credit for 25% of certain natural disaster mitigation property expenditures made to fortify a taxpayer's principal residence against catastrophes.

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