To amend the Internal Revenue Code of 1986 to allow use of amended income tax returns to take into account receipt of certain hurricane-related casualty loss grants by disallowing previously taken casualty loss deductions and to waive the deadline on the construction of GO Zone property which is eligible for bonus depreciation.

SA 4389. Ms. LANDRIEU (for herself, Mr. Cochran, Mr. Vitter, and Mr.
Wicker) submitted an amendment intended to be proposed by her to the
bill

[[Page S2497]]

H.R. 3221, moving the United States toward greater energy independence
and security, developing innovative new technologies, reducing carbon
emissions, creating green jobs, protecting consumers, increasing clean
renewable energy production, and modernizing our energy infrastructure,
and to amend the Internal Revenue Code of 1986 to provide tax
incentives for the production of renewable energy and energy
conservation; which was ordered to lie on the table; as follows:

At the end add the following:

TITLE--HURRICANE-RELATED CASUALTY LOSSES

SEC. _01. USE OF AMENDED INCOME TAX RETURNS TO TAKE INTO
ACCOUNT RECEIPT OF CERTAIN HURRICANE-RELATED
CASUALTY LOSS GRANTS BY DISALLOWING PREVIOUSLY
TAKEN CASUALTY LOSS DEDUCTIONS.

Notwithstanding any other provision of the Internal Revenue
Code of 1986, if a taxpayer claims a deduction for any
taxable year with respect to a casualty loss to a personal
residence (within the meaning of section 121 of such Code)
resulting from Hurricane Katrina or Hurricane Rita and in a
subsequent taxable year receives a grant under Public Law
109-148, 109-234, or 110-116 as reimbursement for such loss
from the State of Louisiana or the State of Mississippi, such
taxpayer may elect to file an amended income tax return for
the taxable year in which such deduction was allowed and
disallow such deduction. If elected, such amended return must
be filed not later than the due date for filing the tax
return for the taxable year in which the taxpayer receives
such reimbursement or the date that is 4 months after the
date of the enactment of this Act, whichever is later. Any
increase in Federal income tax resulting from such
disallowance shall not be subject to any penalty or interest
under such Code if such amended return is so filed.

TITLE--GO ZONE PROPERTY

SEC. _01. WAIVER OF DEADLINE ON CONSTRUCTION OF GO ZONE
PROPERTY ELIGIBLE FOR BONUS DEPRECIATION.

(a) In General.--Subparagraph (B) of section 1400N(d)(3) of
the Internal Revenue Code of 1986 is amended to read as
follows:
``(B) without regard to `and before January 1, 2009' in
clause (i) thereof,''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2007.
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