S. 1350 – Reading Mode

113th CONGRESS

1st Session

S. 1350

IN THE SENATE OF THE UNITED STATES

July 24, 2013

Mr. Boozman (for himself and Mr. Pryor) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To exclude from gross income compensation provided for victims of the March 29, 2013, pipeline oil spill in Mayflower, Arkansas.

Short title

This Act may be cited as the Mayflower Oil Spill Tax Relief Act of 2013.

Mayflower, Arkansas, oil spill compensation excluded from gross income

For purposes of the Internal Revenue Code of 1986—

(1)

the March 29, 2013, pipeline rupture and oil spill in Mayflower, Arkansas, shall be treated as a qualified disaster under section 139(c) of such Code, and

(2)

any compensation provided to or for the benefit of a victim of such disaster shall be treated as a qualified disaster relief payment under section 139(b) of such Code.