HR 3444 IHCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

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 concernedCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Kansas Flood Recovery and Economic Opportunity Act of 2007'.CommentsClose CommentsPermalink

SEC. 2. INCREASED FEDERAL SHARE FOR DISASTER ASSISTANCE.

(a) 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.CommentsClose CommentsPermalink





(b) Applicability-CommentsClose CommentsPermalink





(1) IN GENERAL- The Federal share provided by subsection (a) shall apply to disaster assistance applied for before the date of enactment of this Act.CommentsClose CommentsPermalink





(2) 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.CommentsClose CommentsPermalink

SEC. 3. 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:CommentsClose CommentsPermalink





(1) 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'.CommentsClose CommentsPermalink





(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 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'.CommentsClose CommentsPermalink





(3) EMPLOYEE RETENTION CREDIT FOR EMPLOYERS AFFECTED BY JUNE 26 STORMS AND FLOODS- Section 1400R(a) of the Internal Revenue Code of 1986--CommentsClose CommentsPermalink





(A) by substituting `June 26, 2007' for `August 28, 2005' each place it appears,CommentsClose CommentsPermalink





(B) by substituting `January 1, 2008' for `January 1, 2006' both places it appears, andCommentsClose CommentsPermalink





(C) 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.CommentsClose CommentsPermalink





(4) SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED ON OR AFTER JUNE 26, 2007- Section 1400N(d) of such Code--CommentsClose CommentsPermalink





(A) by substituting `qualified Recovery Assistance property' for `qualified Gulf Opportunity Zone property' each place it appears,CommentsClose CommentsPermalink





(B) by substituting `June 26, 2007' for `August 28, 2005' each place it appears,CommentsClose CommentsPermalink





(C) by substituting `December 31, 2008' for `December 31, 2007' in paragraph (2)(A)(v),CommentsClose CommentsPermalink





(D) by substituting `December 31, 2009' for `December 31, 2008' in paragraph (2)(A)(v),CommentsClose CommentsPermalink





(E) by substituting `June 25, 2007' for `August 27, 2005' in paragraph (3)(A),CommentsClose CommentsPermalink





(F) by substituting `January 1, 2009' for `January 1, 2008' in paragraph (3)(B), andCommentsClose CommentsPermalink





(G) determined without regard to paragraph (6) thereof.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(6) EXPENSING FOR CERTAIN DEMOLITION AND CLEAN-UP COSTS- Section 1400N(f) of such Code--CommentsClose CommentsPermalink





(A) by substituting `qualified Recovery Assistance clean-up cost' for `qualified Gulf Opportunity Zone clean-up cost' each place it appears, andCommentsClose CommentsPermalink





(B) 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.CommentsClose CommentsPermalink





(7) 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'.CommentsClose CommentsPermalink





(8) TREATMENT OF NET OPERATING LOSSES ATTRIBUTABLE TO STORM LOSSES- Section 1400N(k) of such Code--CommentsClose CommentsPermalink





(A) by substituting `qualified Recovery Assistance loss' for `qualified Gulf Opportunity Zone loss' each place it appears,CommentsClose CommentsPermalink





(B) 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,CommentsClose CommentsPermalink





(C) by substituting `June 26, 2007' for `August 28, 2005' in paragraph (2)(B)(ii)(I) thereof,CommentsClose CommentsPermalink





(D) by substituting `qualified Recovery Assistance property' for `qualified Gulf Opportunity Zone property' in paragraph (2)(B)(iv) thereof, andCommentsClose CommentsPermalink





(E) by substituting `qualified Recovery Assistance casualty loss' for `qualified Gulf Opportunity Zone casualty loss' each place it appears.CommentsClose CommentsPermalink





(9) TREATMENT OF PUBLIC UTILITY PROPERTY DISASTER LOSSES- Section 1400N(o) of such Code.CommentsClose CommentsPermalink





(10) TREATMENT OF REPRESENTATIONS REGARDING INCOME ELIGIBILITY FOR PURPOSES OF QUALIFIED RENTAL PROJECT REQUIREMENTS- Section 1400N(n) of such Code.CommentsClose CommentsPermalink





(11) SPECIAL RULES FOR USE OF RETIREMENT FUNDS- Section 1400Q of such Code--CommentsClose CommentsPermalink





(A) by substituting `qualified Recovery Assistance distribution' for `qualified hurricane distribution' each place it appears,CommentsClose CommentsPermalink





(B) 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),CommentsClose CommentsPermalink





(C) by substituting `qualified storm distribution' for `qualified Katrina distribution' each place it appears,CommentsClose CommentsPermalink





(D) 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),CommentsClose CommentsPermalink





(E) 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),CommentsClose CommentsPermalink





(F) by substituting `qualified storm individual' for `qualified Hurricane Katrina individual' each place it appears,CommentsClose CommentsPermalink





(G) by substituting `December 31, 2008' for `December 31, 2006' in subsection (c)(2)(A),CommentsClose CommentsPermalink





(H) 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),CommentsClose CommentsPermalink





(I) by substituting `June 26, 2007' for `August 25, 2005' in subsection (c)(4)(A)(ii), andCommentsClose CommentsPermalink





(J) by substituting `January 1, 2008' for `January 1, 2007' in subsection (d)(2)(A)(ii).CommentsClose CommentsPermalink