To amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of certain disaster mitigation payments.

(This measure has not been amended since it was passed by the Senate on April 13, 2005. The summary of that version is repeated here.) Amends the Internal Revenue Code to exclude from gross income disaster mitigation payments (in addition to disaster relief payments) paid to property owners pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act or the...