[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1532 Engrossed in Senate (ES)]
110th CONGRESS
1st Session
S. 1532
_______________________________________________________________________
AN ACT
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as ``Kansas Disaster Tax Relief Assistance
Act''.
SEC. 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
on 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).
Passed the Senate May 25, 2007.
Attest:
Secretary.
110th CONGRESS
1st Session
S. 1532
_______________________________________________________________________
AN ACT
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.