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HR 4362 IH
111th CONGRESS
1st Session
H. R. 4362
To amend the Internal Revenue Code of 1986 to exclude from gross income remediation payments for hazardous drywall.
IN THE HOUSE OF REPRESENTATIVES
December 16, 2009
Mr. CAO introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exclude from gross income remediation payments for hazardous drywall.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. HAZARDOUS DRYWALL REMEDIATION PAYMENT EXCLUDED FROM GROSS INCOME.
(a) In General- Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139C the following new section:
‘SEC. 139D. HAZARDOUS DRYWALL REMEDIATION PAYMENTS.
‘Gross income shall not include any payment received from the Federal a State or local government for the replacement of, or remediation relating to, hazardous or defective drywall installed in the principal residence (within the meaning of section 121) of the taxpayer after September 1, 2006, and before the date of the enactment of this Act.’.
(b) Clerical Amendment- The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139C the following new item:
(c) Effective Date- The amendments made by this section shall apply to payments received after XXXXXXXXXXXX.
U.S. Congress - Text of H.R.4362 as Introduced in House To amend the Internal Revenue Code of 1986 to exclude from gross income remediation pay...
