H.R. 2935

Kansas Disaster Tax Relief Assistance Act

Latest

I

110th CONGRESS

1st Session

H. R. 2935

IN THE HOUSE OF REPRESENTATIVES

June 28, 2007

Mr. Moran of Kansas (for himself, Mr. Tiahrt, Mr. Moore of Kansas, and Mrs. Boyda of Kansas) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To extend tax relief to the residents and businesses of an area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA–1699–DR) by reason of severe storms and tornados beginning on May 4, 2007, and determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act.

1.

Short title

This Act may be cited as Kansas Disaster Tax Relief Assistance Act.

2.

Temporary tax relief for Kiowa County, Kansas and surrounding area

The following provisions of or relating to the Internal Revenue Code of 1986 shall apply, in addition to the areas described in such provisions, to an area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA–1699–DR, as in effect on the date of the enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, and determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act with respect to damages attributed to such storms and tornados:

(1)

Suspension of certain limitations on personal casualty losses

Section 1400S(b)(1) of the Internal Revenue Code of 1986, by substituting May 4, 2007 for August 25, 2005.

(2)

Extension of replacement period for nonrecognition of gain

Section 405 of the Katrina Emergency Tax Relief Act of 2005, by substituting on or after May 4, 2007, by reason of the May 4, 2007, storms and tornados for on or after August 25, 2005, by reason of Hurricane Katrina.

(3)

Employee retention credit for employers affected by may 4 storms and tornados

Section 1400R(a) of the Internal Revenue Code of 1986—

(A)

by substituting May 4, 2007 for August 28, 2005 each place it appears,

(B)

by substituting January 1, 2008 for January 1, 2006 both places it appears, and

(C)

only with respect to eligible employers who employed an average of not more than 200 employees on business days during the taxable year before May 4, 2007.

(4)

Special allowance for certain property acquired on or after May 5, 2007

Section 1400N(d) of such Code—

(A)

by substituting qualified Recovery Assistance property for qualified Gulf Opportunity Zone property each place it appears,

(B)

by substituting May 5, 2007 for August 28, 2005 each place it appears,

(C)

by substituting December 31, 2008 for December 31, 2007 in paragraph (2)(A)(v),

(D)

by substituting December 31, 2009 for December 31, 2008 in paragraph (2)(A)(v),

(E)

by substituting May 4, 2007 for August 27, 2005 in paragraph (3)(A),

(F)

by substituting January 1, 2009 for January 1, 2008 in paragraph (3)(B), and

(G)

determined without regard to paragraph (6) thereof.

(5)

Increase in expensing under section 179

Section 1400N(e) of such Code, by substituting qualified section 179 Recovery Assistance property for qualified section 179 Gulf Opportunity Zone property each place it appears.

(6)

Expensing for certain demolition and clean-up costs

Section 1400N(f) of such Code—

(A)

by substituting qualified Recovery Assistance clean-up cost for qualified Gulf Opportunity Zone clean-up cost each place it appears, and

(B)

by substituting beginning on May 4, 2007, and ending on December 31, 2009 for beginning on August 28, 2005, and ending on December 31, 2007 in paragraph (2) thereof.

(7)

Treatment of public utility property disaster losses

Section 1400N(o) of such Code.

(8)

Treatment of net operating losses attributable to storm losses

Section 1400N(k) of such Code—

(A)

by substituting qualified Recovery Assistance loss for qualified Gulf Opportunity Zone loss each place it appears,

(B)

by substituting after May 3, 2007, and before January 1, 2010 for after August 27, 2005, and before January 1, 2008 each place it appears,

(C)

by substituting May 4, 2007 for August 28, 2005 in paragraph (2)(B)(ii)(I) thereof,

(D)

by substituting qualified Recovery Assistance property for qualified Gulf Opportunity Zone property in paragraph (2)(B)(iv) thereof, and

(E)

by substituting qualified Recovery Assistance casualty loss for qualified Gulf Opportunity Zone casualty loss each place it appears.

(9)

Treatment of representations regarding income eligibility for purposes of qualified rental project requirements

Section 1400N(n) of such Code.

(10)

Special rules for use of retirement funds

Section 1400Q of such Code—

(A)

by substituting qualified Recovery Assistance distribution for qualified hurricane distribution each place it appears,

(B)

by substituting on or after May 4, 2007, and before January 1, 2009 for on or after August 25, 2005, and before January 1, 2007 in subsection (a)(4)(A)(i),

(C)

by substituting qualified storm distribution for qualified Katrina distribution each place it appears,

(D)

by substituting after November 4, 2006, and before May 5, 2007 for after February 28, 2005, and before August 29, 2005 in subsection (b)(2)(B)(ii),

(E)

by substituting beginning on May 4, 2007, and ending on November 5, 2007 for beginning on August 25, 2005, and ending on February 28, 2006 in subsection (b)(3)(A),

(F)

by substituting qualified storm individual for qualified Hurricane Katrina individual each place it appears,

(G)

by substituting December 31, 2007 for December 31, 2006 in subsection (c)(2)(A),

(H)

by substituting beginning on June 4, 2007, and ending on December 31, 2007 for beginning on September 24, 2005, and ending on December 31, 2006 in subsection (c)(4)(A)(i),

(I)

by substituting May 4, 2007 for August 25, 2005 in subsection (c)(4)(A)(ii), and

(J)

by substituting January 1, 2008 for January 1, 2007 in subsection (d)(2)(A)(ii).