U.S. Congress - S.1423 Kansas Disaster Tax Relief Assistance Act
S.1423 - Kansas Disaster Tax Relief Assistance Act
A bill 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 public assistance from the Federal Government under such Act. view all titles (2)
All Bill Titles
- Short: Kansas Disaster Tax Relief Assistance Act as introduced.
- Official: A bill 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 public assistance from the Federal Government under such Act. as introduced.
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Official Summary
5/17/2007--Introduced.Kansas Disaster Tax Relief Assistance Act - Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR) by reason of severeOfficial Summary
5/17/2007--Introduced.Kansas Disaster Tax Relief Assistance Act - Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under 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 (qualifying area) 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) 50% bonus depreciation for affected businesses;
(5) increased expensing of small business assets;
(6) expensing of demolition and cleanup costs;
(7) extended net operating loss carryback periods for losses attributable to storms and tornadoes 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. Directs the Secretary of Education to carry out a program of student loan repayment for college graduates residing or employed in a qualifying area.
Amends the Internal Revenue Code with respect to individuals in a qualifying area to allow:
(1) a tax credit for the lesser of 10% or $5,000 of the purchase price of a principal residence;
(2) a capital loss deduction for the sale or exchange of a principal residence; and
(3) the establishment of tax-exempt homestead accounts for the payment of education, business, medical, and other expenses.
Allows:
(1) business-related tax credits for investment in certain buildings and small businesses in rural areas; and
(2) accelerated deprecation of investment property in rural areas.
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Recent Blog Coverage
Cardozo, Miguel O.
2°) Que dicho beneficio se resolvió con relación a la causa S. 1423/82 del Consejo Supremo de las Fuerzas Armadas, donde se procesó al mencionado Cardozo por el delito de defraudación militar, habiéndose dictado a su respecto auto de ...
WashingtonWatch.com - S. 1532, The Kansas Disaster Tax Relief ...
The Kansas Disaster Tax Relief Assistance Act (S. 1423) · The Kansas Disaster Tax Relief Assistance Act (H.R. 2935) (more recent activity!) The Kansas Flood Recovery and Economic Opportunity Act of 2007 (H.R. 3444) (more recent activity ...
rendiconto attivita' svolta in senato | Franca Rame Senatrice ...
S. 1423. Norme sull'accesso professionale dei laureati in Scienze motorie. Giuseppe Caforio (Misto, IdV). S. 1511. Modifiche alla legge 20 luglio 2004, n. 189, in materia di protezione delle foche. Tommaso Sodano (RC-SE) ...
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