Redesignates existing subsection (j) as subsection (k) and inserts a new subsection (j) titled 'Certain agricultural assistance' that treats assistance received under a specified list of agricultural assistance programs as qualified disaster relief payments for purposes of section 139.

Adds a new section 28 to Subpart B of part IV of subchapter A of chapter 1 (Internal Revenue Code) establishing a disaster mitigation expenditures tax credit.

Amends section 38(b) by adding a new paragraph (42) to include the portion of the disaster mitigation expenditures credit treated as a business credit under section 28(c)(1).

Amends section 1016(a) by redesignating paragraphs (35) through (38) as (36) through (39) and inserting a new paragraph (35) to account for basis reduction to the extent provided in section 28(e)(2).

Amends the table of sections for Subpart B of part IV of subchapter A by inserting a new item for the newly added section 28 following the item for section 27.

Adds a new section (designated in the bill as section 207) to Title II of the Robert T. Stafford Disaster Relief and Emergency Assistance Act establishing an 'Individual household disaster mitigation program' that provides grants to States and Indian tribal governments for qualifying pre-disaster mitigation activities on individual residential households and sets program elements (eligibility, mitigation standards, advisory committee, limitations, eligible activities, consultation requirements, etc.).