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.

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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Sponsor

• Sen. Pat Roberts [R, KS]
• and 1 Co-Sponsors
  • Sen. Samuel Brownback [R, KS]
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Committees

• Senate Finance

Amendments

This bill has 1 amendments. See All AmendmentsHide All Amendments

Amendments to S.1423

Number	Status	Purpose
S.Amdt.1193	Offered	Amendment information not available.

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 17, 2007

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All Bill Actions

• May 17, 2007: Read twice and referred to the Committee on Finance.
• Introduced on May 17, 2007.

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Related Bills:

• S.1532
• H.R.2935
• H.R.3444

Related Issue Areas:

• Taxation
• Business
• Capital gains tax
• College costs
• 33 more
• Depreciation and amortization
• Disaster relief
• Economic policy
• Education
• Emergency management
• Health policy
• Higher education
• Home ownership
• Housing
• Housing finance
• Income tax
• Individual retirement accounts
• Kansas
• Losses
• Low-income housing
• Medical care
• Medical economics
• Pensions
• Rental housing
• Rural affairs
• Rural economic development
• Saving and investment
• Scholarships
• Small business
• Storms
• Student loan funds
• Tax credits
• Tax deductions
• Tax exclusion
• Tax exemption
• Tax-deferred compensation plans
• Tornadoes
• Welfare

Data from the Congressional Research Service

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Blog Coverage

April 24, 2008 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 ...

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Source: Jurisprudencia Argentina Letra C

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May 16, 2007 Bill Action: Introduced: S. 1423: A bill to extend tax relief to ...

Pat Roberts [R-KS] introduced S. 1423: 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. ...

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Source: Introduced Legislation -- Monitored by GovTrack.us

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