S. 1423 · 110th Congress
Kansas Disaster Tax Relief Assistance Act
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R
RobertsSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · May 17, 2007
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Kansas Disaster Tax Relief Assistance Act
Latest action (May 17, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: May 17, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.