WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI), today issued the following statement in support of H.R. 5610, The Earthquake Mitigation Tax Incentive Act of 2016.
“PCI applauds Rep. Mike Thompson for introducing The Earthquake Mitigation Tax Incentive Act of 2016,” said Wienecke. “This important, forward-thinking legislation would create federal income tax incentives to residents who participate in qualified earthquake loss mitigation programs.
“Mitigation is essential to minimizing financial losses from a natural catastrophe,” continued Wienecke. “This legislation would encourage homeowners to take relatively low cost retrofitting measures now in order to reduce the possibility of significant earthquake damage in the future.
“In addition, H.R. 5610 would potentially save taxpayers money in the long run by reducing the need for federal disaster assistance following future significant earthquake events. 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.