I
110th CONGRESS
1st Session
H. R. 3444
IN THE HOUSE OF REPRESENTATIVES
August 3, 2007
Mr. Tiahrt (for himself, Mr. Moore of Kansas, Mrs. Boyda of Kansas, and Mr. Moran of Kansas) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
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–1711–DR) by reason of severe storms and flooding beginning on June 26, 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 the Kansas Flood Recovery and Economic Opportunity Act of 2007
.
Increased Federal share for disaster assistance
In general
Notwithstanding any other provision of law, including any agreement, the Federal share of assistance, including direct Federal assistance, provided for the State of Kansas in connection with the severe storms and flooding which began on June 26, 2007, and ended on July 25, 2007, under sections 403, 406, 407, and 408 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170b, 5172, 5173, and 5174) shall be 100 percent of the eligible costs under such sections.
Applicability
In general
The Federal share provided by subsection (a) shall apply to disaster assistance applied for before the date of enactment of this Act.
Limitation
In the case of disaster assistance provided under sections 403, 406, and 407 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, the Federal share provided by subsection (a) shall be limited to assistance provided for projects for which a request for public assistance form
has been submitted.
Temporary tax relief for flooded areas in Kansas
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–1711–DR, as in effect on the date of the enactment of this Act) by reason of severe storms and flooding beginning on June 26, 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 flooding:
Suspension of certain limitations on personal casualty losses
Section 1400S(b)(1) of the Internal Revenue Code of 1986, by substituting June 26, 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 June 26, 2007, by reason of the severe storms and flooding described in the Kansas Flood Recovery and Economic Opportunity Act of 2007
for on or after August 25, 2005, by reason of Hurricane Katrina
.
Employee retention credit for employers affected by June 26 storms and floods
Section 1400R(a) of the Internal Revenue Code of 1986—
by substituting June 26, 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 most recent taxable year ending before June 26, 2007.
Special allowance for certain property acquired on or after June 26, 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 June 26, 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 June 25, 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 June 26, 2007, and ending on December 31, 2009
for beginning on August 28, 2005, and ending on December 31, 2007
in paragraph (2) thereof.
Increase in rehabilitation credit
Section 1400N(h) of such Code by substituting on June 26, 2007, and ending on December 31, 2009
for on August 28, 2005, and ending on December 31, 2008
.
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 June 25, 2007, and before January 1, 2010
for after August 27, 2005, and before January 1, 2008
each place it appears,
by substituting June 26, 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 public utility property disaster losses
Section 1400N(o) of such Code.
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 June 26, 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 December 27, 2006, and before June 26, 2007
for after February 28, 2005, and before August 29, 2005
in subsection (b)(2)(B)(ii),
by substituting beginning on June 26, 2007, and ending on December 27, 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, 2008
for December 31, 2006
in subsection (c)(2)(A),
by substituting beginning on the date of the enactment of the Kansas Flood Recovery and Economic Opportunity Act of 2007, and ending on December 31, 2008
for beginning on September 24, 2005, and ending on December 31, 2006
in subsection (c)(4)(A)(i),
by substituting June 26, 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).