Section 1 Short title
This Act may be cited as the “Natural Disaster Property Protection Act of 2025”.
Natural Disaster Property Protection Act of 2025
A BILL
To amend the Internal Revenue Code of 1986 to increase the dollar threshold applicable to information reporting with respect to payments for qualified natural disaster expenses.
Sec. 2 Increase in threshold requiring information reporting to respect to qualified natural disaster expenses
Returns regarding payment in course of trade or business— Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
“(h) Increased threshold for qualified natural disaster expenses
“(1) In general—In the case of a payment for a qualified natural disaster expense, subsection (a) shall be applied by substituting “$5,000” for “$600”.
“(2) Qualified natural disaster expense—For purposes of this subsection, the term “qualified natural disaster expense” means—
“(A) an expense incurred to mitigate the risk posed to real property by natural disasters or extreme weather, or
“(B) an expense incurred to repair damage done to real property by natural disasters or extreme weather.”
Returns regarding payments of remuneration for services— Section 6041A of such Code is amended by adding at the end the following new subsection:
“(g) Increased threshold for qualified natural disaster expenses—In the case of a payment for a qualified natural disaster expense (as defined in section 6041(h)(2)), subsection (a)(2) shall be applied by substituting “$5,000” for “$600”.”
Effective date— The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this section.