The Property Casualty Insurers Association of America (PCI) is urging support for H.R. 5610, The Earthquake Mitigation Tax Incentive Act of 2016.
In a statement released Tuesday, Nat Wienecke, senior vice president of federal government relations at PCI, said the association applauds Rep. Mike Thompson for introducing the act, which would create federal income tax incentives to residents participating in qualified earthquake loss mitigation programs.
Wienecke stressed the importance of mitigation in minimizing natural catastrophe losses, noting that H.R. 5610 “would encourage homeowners to take relatively low-cost retrofitting measures now in order to reduce the possibility of significant earthquake damage in the future.”
He added that the legislation could also reduce the need for federal disaster assistance following future earthquakes, saving taxpayers money in the long run.
“Reducing the severity of property damage caused by earthquakes should be a priority for federal, state and local government as well as for private industry. PCI urges support for The Earthquake Mitigation Incentive Act,” concluded Wienecke.
Source: Property Casualty Insurers Association of America