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.
Short title
This Act may be cited as Kansas
Disaster Tax Relief Assistance Act
.
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:
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
.
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
.
Employee retention credit for employers affected by may 4 storms and tornados
Section 1400R(a) of the Internal Revenue Code of 1986—
by substituting
May 4, 2007
for August 28, 2005
each place it
appears,
by substituting
January 1, 2008
for January 1, 2006
both places
it appears, and
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.
Special allowance for certain property acquired on or after May 5, 2007
Section 1400N(d) of such Code—
by substituting
qualified Recovery Assistance property
for qualified Gulf
Opportunity Zone property
each place it appears,
by substituting
May 5, 2007
for August 28, 2005
each place it
appears,
by substituting
December 31, 2008
for December 31, 2007
in
paragraph (2)(A)(v),
by substituting
December 31, 2009
for December 31, 2008
in
paragraph (2)(A)(v),
by substituting
May 4, 2007
for August 27, 2005
in paragraph
(3)(A),
by substituting
January 1, 2009
for January 1, 2008
in paragraph
(3)(B), and
determined without regard to paragraph (6) thereof.
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.
Expensing for certain demolition and clean-up costs
Section 1400N(f) of such Code—
by substituting
qualified Recovery Assistance clean-up cost
for qualified
Gulf Opportunity Zone clean-up cost
each place it appears, and
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.
Treatment of public utility property disaster losses
Section 1400N(o) of such Code.
Treatment of net operating losses attributable to storm losses
Section 1400N(k) of such Code—
by substituting
qualified Recovery Assistance loss
for qualified Gulf
Opportunity Zone loss
each place it appears,
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,
by substituting
May 4, 2007
for August 28, 2005
in paragraph
(2)(B)(ii)(I) thereof,
by substituting
qualified Recovery Assistance property
for qualified Gulf
Opportunity Zone property
in paragraph (2)(B)(iv) thereof, and
by substituting
qualified Recovery Assistance casualty loss
for qualified
Gulf Opportunity Zone casualty loss
each place it appears.
Treatment of representations regarding income eligibility for purposes of qualified rental project requirements
Section 1400N(n) of such Code.
Special rules for use of retirement funds
Section 1400Q of such Code—
by substituting
qualified Recovery Assistance distribution
for qualified
hurricane distribution
each place it appears,
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),
by substituting
qualified storm distribution
for qualified Katrina
distribution
each place it appears,
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),
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),
by substituting
qualified storm individual
for qualified Hurricane
Katrina individual
each place it appears,
by substituting
December 31, 2007
for December 31, 2006
in
subsection (c)(2)(A),
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),
by substituting
May 4, 2007
for August 25, 2005
in subsection
(c)(4)(A)(ii), and
by substituting
January 1, 2008
for January 1, 2007
in subsection
(d)(2)(A)(ii).