s 43897 1179374400 false 1179374400 1423 293 110 300083

5/17/2007--Introduced.<br/>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.<br/>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.<br/>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.<br/>

1179374400 2007-05-17 Fri Nov 07 15:21:34 -0600 2008 introduced 43897 'act':6 'tax':3 'kansa':1 'assist':5 'disast':2 'relief':4 50529 short introduced 43897 '4':56 'dr':45 '401':30 'act':41,75 'may':55 'tax':5 '1699':44 '2007':57 'area':14 'bill':2 'busi':11 'fema':43 'begin':53 'emerg':39 'feder':71 'major':20 'resid':9 'sever':49 'storm':50 'assist':40,68 'declar':24 'disast':21,36 'extend':4 'govern':72 'presid':27,62 'public':67 'reason':47 'relief':6,37 'robert':33 'respect':16 'section':29 'tornado':52 'warrant':64 'determin':59 'individu':65 'stafford':35 'fema-1699-dr':42 46758 official introduced 43897 1179374400 Thu May 17 00:00:00 -0500 2007 112960 R000307 1936-04-20 109 Hart Senate Office Building http://roberts.senate.gov/e-mail_pat.html 202-224-3514 Pat 'r':4 'ks':5 'pat':2,6,8 'sen':1 'robert':3,7,9 M 300083 Roberts Pat_Roberts Sen. Pat Roberts [R, KS] N00005285 8142 Republican 202-224-4774 Methodist KS Pat Roberts 4.38461538461539 http://roberts.senate.gov/ B000953 1956-09-12 303 Hart Senate Office Building http://brownback.senate.gov/public/contact/emailsam.cfm 202-228-1265 Samuel 'r':4 'ks':5 'sam':8 'sen':1 'samuel':2,6,9 'brownback':3,7,10 M 300013 Brownback Sam_Brownback D. Sen. Samuel Brownback [R, KS] Sam N00005244 8277 Republican 202-224-6521 Roman Catholic KS Sam Samuel Brownback 3.44444444444444 http://brownback.senate.gov/public/ SenatorSamBrownback introduced 43897 1179374400 Thu May 17 00:00:00 -0500 2007 112960 action 43897 1179374400 Thu May 17 00:00:00 -0500 2007 112961 Read twice and referred to the Committee on Finance.