by section 4(3) of the Earthquake Hazards Reduction Act of 1977 ( 42 U.S.C. 7703(3) ). (5) No increase in basis Notwithstanding any other provision of this subtitle, no increase in the basis or adjusted basis of any property shall result from any amount excluded under this subsection with respect to such property. (c) Denial of double benefit Notwithstanding any other provision of this subtitle, no deduction or credit shall be allowed for, or by reason of, any expenditure to the extent of the amount excluded under subsection (a) for any qualified earthquake mitigation payment which was provided with respect to such expenditure. . (b) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139F the following new item: Sec. 139G. State-based earthquake loss mitigation programs. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2016.