EQUIP Act of 2024

The President, in consultation with State and local governments and other stakeholders, shall establish a major disaster deductible for each State in an amount calculated under this title that offsets any amount received by a State under section 406 for permanent work (referred to by the Administrator of the Federal Emergency Management Agency as category C through G).

Beginning with respect to calendar year 2025, and annually thereafter, the President shall calculate the amount of the major disaster deductible of each State.

The President shall establish a base amount by multiplying the population of the State determined by the most recent American Community Survey carried out by the Bureau of the Census by a factor of 3.

In calculating such deductible, the President shall—

(A) use the base amount established under paragraph (2); and

(B) increase the amount of the deductible, as determined appropriate, by taking into consideration the amount of Federal financial assistance provided to a State under this Act in response to a major disaster declared under section 401 in the 3 years preceding the year for which the calculation applies.

In this section, the term specified insurance means—

(1) insurance required under section 311; and

(2) insurance under section 406(d).

Nothing in this title may be construed to affect the amount of the Federal share of funds required under this Act.

Any funds used or expenditures made by a State or local governments to meet non-Federal share requirements under this Act may not be calculated towards the disaster deductible required by this title.