a difficult development area at any time within such 24-month period. (c) Effective date The amendment made by this section shall take effect on the date of the enactment of this Act. II Permanent disaster tax relief provisions 201. Exclusion for disaster mitigation payments received from State and local governments (a) In general Paragraph (2) of section 139(g) of the Internal Revenue Code of 1986 is amended by inserting , or any other amount which is paid by a State or local government or an agency or instrumentality thereof, after (as in effect on such date) . (b) Effective date The amendment made by this section shall apply to payments received after the date of the enactment of this Act. 202. Catastrophe Savings Accounts (a) In general Subchapter F of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: IX Catastrophe Savings Accounts 530A. Catastrophe Savings Accounts (a) General rule A Catastrophe Savings Account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). (b) Catastrophe Savings Account For purposes of this section, the term Catastrophe Savings Account means a trust created or organized in the United States for the exclusive benefit of an individual or the individual's beneficiaries and which is designated (in such manner as the Secretary shall prescribe) at the time of the establishment of the trust as a Catastrophe Savings Account, but only if the written governing instrument creating the trust meets the following requirements: (1) Except in the case of a qualified rollover contribution— (A) no contribution will be accepted unless it is in cash, and (B) contributions will not be accepted in excess of the account balance limit specified in subsection (c). (2) The trustee is a bank (as defined in section 408(n)) or another person who demonstrates to the