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 individual and public assistance from the Federal Government under such Act.

5/25/2007--Passed Senate without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.)
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, as in effect on the date of enactment of this Act) by reason of severe storms and tornados beginning on May 4, 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) 50% bonus depreciation for affected businesses;
(5) increased expensing of small business assets;
(6) increased 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.

... morehide bill summarySee Full Bill Text

Sponsor

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

This bill has no amendments.

Amendments to S.1532

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
May 25, 2007		May 25, 2007

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All Bill Actions

• May 25, 2007: Ordered held at desk.
• Passed by Unanimous Consent in the Senate on May 25, 2007. Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
• Introduced on May 25, 2007.

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Related Bills:

• S.1423
• H.R.2935
• H.R.3444

Related Issue Areas:

• Environmental protection
• Taxation
• Annuities
• Business
• 27 more
• Capital gains tax
• Depreciation and amortization
• Disaster relief
• Dislocated workers
• Emergency management
• Energy
• Finance
• Housing
• Income tax
• Individual retirement accounts
• Kansas
• Labor
• Losses
• Pensions
• Public utilities
• Refuse and refuse disposal
• Rental housing
• Solid wastes
• Storms
• Tax credits
• Tax deductions
• Tax exclusion
• Tax-deferred compensation plans
• Tax-exempt securities
• Tornadoes
• Wages
• Bonds

Data from the Congressional Research Service

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Blog Coverage

May 24, 2007 Bill Action: Passed Senate: S. 1532: A bill to extend tax relief ...

Passed Senate by Unanimous Consent. [This event matched these monitors: Active Legislation ]

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May 24, 2007 S. 1532, A bill to extend tax relief to the residents and ...

S. 1532 would 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 ...

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