H.R. 641House110th Congress (2007-2009)In Committee

To clarify the tax treatment of certain payments made to homeowners by the Louisiana Recovery Authority and the Mississippi Development Authority.

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Referred to the House Committee on Ways and Means.

Ways and Means Committee

January 23, 2007

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HouseIntro Referral

Introduced in House

January 23, 2007

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

January 23, 2007

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Introduced in HouseIssued January 23, 2007

110th CONGRESS

1st Session

H. R. 641

IN THE HOUSE OF REPRESENTATIVES

January 23, 2007

Mr. Jindal introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To clarify the tax treatment of certain payments made to homeowners by the Louisiana Recovery Authority and the Mississippi Development Authority.

Clarification of tax treatment of certain payments made to homeowners by the Louisiana Recovery Authority and the Mississippi Development Authority

For purposes of the Internal Revenue Code of 1986, if a taxpayer—

(1)

receives any amount during the taxable year from the Louisiana Recovery Authority or the Mississippi Development Authority for the repair or reconstruction of such taxpayer's primary residence due to damage sustained as the result of hurricanes occurring during 2005, and

(2)

in any preceding taxable year claimed a casualty loss deduction under section 165 of such Code with respect to such damage,

such amount shall be disregarded in determining the allowable portion of such casualty loss deduction and so much of such amount as does not exceed such casualty loss deduction shall be disregarded in determining the taxpayer’s basis in such residence.