Kansas Flood Recovery and Economic Opportunity Act of 2007

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.

8/3/2007--Introduced.
Kansas Flood Recovery and Economic Opportunity Act of 2007 - Establishes the federal share of assistance for the state of Kansas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act for the storms and flooding in that state between June 26, 20 more...07, and July 25, 2007, at 100% of eligible costs. Extends to certain areas in Kansas declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1711-DR, as in effect on the date of enactment of this Act) by reason of severe storms and flooding beginning on June 26, 2007, provisions of the Internal Revenue Code allowing:
(1) suspension of certain limitations on personal casualty losses;
(2) an extension of the period for replacing damaged property without recognizing gain;
(3) an employee retention tax credit for affected businesses through 2007;
(4) bonus depreciation for certain property acquired after June 26, 2007;
(5) increased expensing of small business assets and of demolition and cleanup costs;
(6) an increase in the tax credit for rehabilitation expenditures;
(7) extended net operating loss carryback periods for losses attributable to storms and for public utility property disaster losses;
(8) relaxed income verification requirements for tenants in low-income rental projects; and
(9) penalty-free withdrawals and loans from individual retirement accounts and other tax-exempt pension plans.

Sponsor

• Rep. Todd Tiahrt [R, KS-4]
• and 3 Co-Sponsors
  • Rep. Nancy Boyda [D, KS-2]
  • Rep. Dennis Moore [D, KS-3]
  • Rep. Jerry Moran [R, KS-1]
  close

Committees

• House Transportation and Infrastructure
• 2 more
  • House Transportation and Infrastructure
  • House Ways and Means
  close

Amendments

This bill has no amendments.

Amendments to H.R.3444

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
August 03, 2007

Related Bills:

• S.1423
• S.1532
• H.R.2935

Related Issue Areas:

• Welfare
• Taxation
• Tax penalties
• Tax deductions
• 27 more
• Tax credits
• Tax administration
• Storms
• Small business
• Rental housing
• Public utilities
• Pensions
• Low-income housing
• Losses
• Loans
• Landlord and tenant
• Labor
• Kansas
• Individual retirement accounts
• Income tax
• Income
• Housing
• Floods
• Finance
• Energy
• Employment
• Disaster relief
• Depreciation and amortization
• Capital gains tax
• Business
• Bonds
• Emergency management

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Blog Coverage

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