Midwestern Disaster Tax Relief Act of 2008

A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes.

7/23/2008--Introduced.
Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).
Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including:
(1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback of net operating losses, and investment in tax credit bonds;
(2) increased tax deductions for tuition and related educational expenses;
(3) expensing of environmental remediation costs and demolition and cleanup costs;
(4) tax incentives for employer-provided housing;
(5) tax-free withdrawals from retirement accounts and recontributions for home purchases;
(6) employer tax credits for retention of employees;
(7) suspension of limitations on tax deductions for charitable contributions and personal casualty losses;
(8) mortgage revenue bonds for owner-occupied residences;
(9) tax exemptions for cancellation of indebtedness; and
(10) nonrecognition of gain for homes and businesses destroyed in a disaster. Allows taxpayers in the Midwestern disaster area who claimed a tax deduction for a casualty loss to a principal residence and later received a grant under any federal or state program for reimbursement of such loss to file an amended tax return, without incurring tax penalties.
Extends through 2009 the additional tax exemption for housing displaced individuals in the Midwestern disaster area. Excludes from gross income, through December 31, 2008, reimbursements to volunteers in the Midwestern disaster area for the use of a personal vehicle for charitable work. Increases the standard mileage rate for the charitable use of personal vehicles.
Extends through 2009 the enhanced tax deduction for charitable contributions of food inventories and of book inventories to public schools. Requires tax-exempt charitable organizations to provide the Secretary of the Treasury with specified information, on an annual basis, relating to their disaster relief activities.


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Sponsor

• Sen. Charles Grassley [R, IA]
• and 11 Co-Sponsors
  • Sen. Evan Bayh [D, IN]
  • Sen. Christopher Bond [R, MO]
  • Sen. Samuel Brownback [R, KS]
  • Norm Coleman
  • Sen. Richard Durbin [D, IL]
  • Sen. Thomas Harkin [D, IA]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Richard Lugar [R, IN]
  • Sen. Claire McCaskill [D, MO]
  • Barack Obama
  • Sen. Pat Roberts [R, KS]
  close

Committees

• Senate Finance

Amendments

This bill has 1 amendments. See All AmendmentsHide All Amendments

Amendments to S.3322

Number	Status	Purpose
S.Amdt.5254	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
July 23, 2008

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All Bill Actions

• Jul 23, 2008: Read twice and referred to the Committee on Finance.
• Introduced on Jul 23, 2008.

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Related Bills:

• H.R.6587

Related Issue Areas:

• Taxation
• Arkansas
• Bonds
• Books
• 54 more
• Business
• Charitable contributions
• College costs
• Depreciation and amortization
• Disaster relief
• Displaced persons
• Education
• Elementary and secondary education
• Emergency management
• Employment
• Environmental protection
• Finance
• Floods
• Food
• Government information
• Government paperwork
• Grants-in-aid
• Higher education
• Housing
• Housing finance
• Humanities
• Illinois
• Income tax
• Indiana
• Individual retirement accounts
• Inventories
• Iowa
• Kansas
• Labor
• Loans
• Losses
• Low-income housing
• Michigan
• Minnesota
• Missouri
• Mortgages
• Nebraska
• Pensions
• Residential rehabilitation
• Social services
• Solid wastes
• Storms
• Tax credits
• Tax deductions
• Tax exclusion
• Tax exemption
• Tax penalties
• Tax returns
• Textbooks
• Tornadoes
• Transportation
• Travel costs
• Volunteer workers
• Wisconsin

Data from the Congressional Research Service

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Blog Coverage

December 29, 2008 Edathy offen für Gesinnungsjustiz - Politically Incorrect

I S. 3322), zuletzt geändert durch …, wird wie folgt geändert: 1. In § 46 Abs. 2 Satz 2 werden nach den Wörtern „Ziele des. Täters,“ die Wörter „besonders auch menschenverach- tende, rassistische oder fremdenfeindliche

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December 03, 2008 Property Tax Rebates, Consumer Rights Legislation, And Greater ...

Chapter 6, L. 2007, §56 & 65 (S. 3322, Bruno) As part of a comprehensive Workers’ Compensation Reform bill, enacts various alterations to the method of calculation of the State assessment (a surcharge added to all Workers’ Compensation ...

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October 23, 2008 New York Legal Update: New Laws For The New Year

Legislation (A. 6163/S. 3322) reformed the state's archaic workers' compensation law earlier in the year. Provisions of the law which will become effective on January 1, 2008 include:. Amending the Workers' Compensation Law to provide ...

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Source: New York Legal Update

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