This bill, known as the EQUIP Act of 2024, amends federal disaster relief law to require the President to set up a "disaster deductible" system for each state. Under this system, states would need to meet a calculated financial threshold before receiving certain federal disaster assistance for rebuilding public infrastructure and facilities after a major disaster. Starting in 2025, this deductible would be calculated each year based on a state's population, multiplied by a set factor, and adjusted based on how much federal disaster aid the state received over the previous three years. The bill makes clear that this new deductible requirement does not change the existing federal cost-share rules, and it specifies that money states already spend to meet their required local match cannot also be counted toward satisfying the new deductible. This legislation primarily affects state and local governments that rely on federal disaster assistance, as it introduces a new financial responsibility they must meet before accessing certain forms of federal disaster recovery funding.
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