http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=34596 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc0"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax relief in federally declared disaster areas.</p> <p>(Sec. 2) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring after December 31, 2007, and before January 1, 2012. Defines &amp;quot;federally declared disaster&amp;quot; as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act.</p> <p>Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains).</p> <p>Increases the threshold for deductible casualty losses from $100 to $500 for taxable years beginning after December 31, 2008, and before January 1, 2012.</p> <p>(Sec. 3) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property.</p> <p>(Sec. 4) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income.</p> <p>(Sec. 5) Waives certain restrictions on mortgage revenue bond financing for principal residences destroyed due to a federally declared disaster occurring between January 1, 2008, and December 31, 2011.</p> <p>(Sec. 6) Increases, until December 31, 2011, the standard mileage rate used to compute the tax deduction for the use of a passenger automobile for charitable purposes to the same rate used for deducting travel expenses related to medical care (currently, 27 cents per mile).</p> <p>(Sec. 7) Authorizes additional allocations to states (up to $190 million) of the low-income housing tax credit for federally declared disasters occurring between January 1, 2008, and December 31, 2011. Prohibits allocations after December 31, 2012.</p> <p>(Sec. 8) Expands tax-exempt private activity bonds to include qualified disaster bonds used to finance the replacement, repair, reconstruction or renovation of depreciable property damaged or destroyed as a result of a federally declared disaster occurring between January 1, 2008, and December 31, 2011. Grants priority in allocating bond amounts to business loss disaster areas (i.e., areas sustaining damages from a disaster of at least the lesser of $50 million or 5% of all business property in the disaster area). Requires all allocations to be made prior to December 31, 2012.</p> <p>(Sec. 9) Waives limitations on individual and corporate charitable contributions for qualified disaster contributions. Defines &amp;quot;qualified disaster contribution&amp;quot; as any charitable contribution paid prior to January 1, 2010, to a public charity for relief efforts related to a federally declared disaster.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 12/9/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 34596@http://www.washingtonwatch.com Wed, 10 Dec 2008 06:31:10 EST http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=34542 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc4"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax relief in federally declared disaster areas.</p> <p>(Sec. 2) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring after December 31, 2007, and before January 1, 2012. Defines &amp;quot;federally declared disaster&amp;quot; as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act.</p> <p>Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains).</p> <p>Increases the threshold for deductible casualty losses from $100 to $500 for taxable years beginning after December 31, 2008, and before January 1, 2012.</p> <p>(Sec. 3) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property.</p> <p>(Sec. 4) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income.</p> <p>(Sec. 5) Waives certain restrictions on mortgage revenue bond financing for principal residences destroyed due to a federally declared disaster occurring between January 1, 2008, and December 31, 2011.</p> <p>(Sec. 6) Increases, until December 31, 2011, the standard mileage rate used to compute the tax deduction for the use of a passenger automobile for charitable purposes to the same rate used for deducting travel expenses related to medical care (currently, 27 cents per mile).</p> <p>(Sec. 7) Authorizes additional allocations to states (up to $190 million) of the low-income housing tax credit for federally declared disasters occurring between January 1, 2008, and December 31, 2011. Prohibits allocations after December 31, 2012.</p> <p>(Sec. 8) Expands tax-exempt private activity bonds to include qualified disaster bonds used to finance the replacement, repair, reconstruction or renovation of depreciable property damaged or destroyed as a result of a federally declared disaster occurring between January 1, 2008, and December 31, 2011. Grants priority in allocating bond amounts to business loss disaster areas (i.e., areas sustaining damages from a disaster of at least the lesser of $50 million or 5% of all business property in the disaster area). Requires all allocations to be made prior to December 31, 2012.</p> <p>(Sec. 9) Waives limitations on individual and corporate charitable contributions for qualified disaster contributions. Defines &amp;quot;qualified disaster contribution&amp;quot; as any charitable contribution paid prior to January 1, 2010, to a public charity for relief efforts related to a federally declared disaster.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 12/8/2008: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 34542@http://www.washingtonwatch.com Tue, 09 Dec 2008 06:31:16 EST http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=33024 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc8"> Detailed Summary </h2> <p>&lt;b&gt;(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)&lt;/b&gt;</p> <p>Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax relief in federally declared disaster areas.</p> <p>(Sec. 2) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring after December 31, 2007, and before January 1, 2012. Defines &amp;quot;federally declared disaster&amp;quot; as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act.</p> <p>Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains).</p> <p>Increases the threshold for deductible casualty losses from $100 to $500 for taxable years beginning after December 31, 2008, and before January 1, 2012.</p> <p>(Sec. 3) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property.</p> <p>(Sec. 4) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income.</p> <p>(Sec. 5) Waives certain restrictions on mortgage revenue bond financing for principal residences destroyed due to a federally declared disaster occurring between January 1, 2008, and December 31, 2011.</p> <p>(Sec. 6) Increases, until December 31, 2011, the standard mileage rate used to compute the tax deduction for the use of a passenger automobile for charitable purposes to the same rate used for deducting travel expenses related to medical care (currently, 27 cents per mile).</p> <p>(Sec. 7) Authorizes additional allocations to states (up to $190 million) of the low-income housing tax credit for federally declared disasters occurring between January 1, 2008, and December 31, 2011. Prohibits allocations after December 31, 2012.</p> <p>(Sec. 8) Expands tax-exempt private activity bonds to include qualified disaster bonds used to finance the replacement, repair, reconstruction or renovation of depreciable property damaged or destroyed as a result of a federally declared disaster occurring between January 1, 2008, and December 31, 2011. Grants priority in allocating bond amounts to business loss disaster areas (i.e., areas sustaining damages from a disaster of at least the lesser of $50 million or 5% of all business property in the disaster area). Requires all allocations to be made prior to December 31, 2012.</p> <p>(Sec. 9) Waives limitations on individual and corporate charitable contributions for qualified disaster contributions. Defines &amp;quot;qualified disaster contribution&amp;quot; as any charitable contribution paid prior to January 1, 2010, to a public charity for relief efforts related to a federally declared disaster.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 9/24/2008: Received in the Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 33024@http://www.washingtonwatch.com Thu, 02 Oct 2008 18:31:14 EDT http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=32397 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc12"> Detailed Summary </h2> <p>Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) waive certain limitations on the tax deduction for personal casualty losses attributable to a federally declared disaster occurring after December 31, 2007, and before January 1, 2012; (2) allow expensing of business-related costs for abatement or control of hazardous substances, removal of debris, and repairs related to a federally declared disaster; (3) allow a five year net operating loss carryback period for losses attributable to a federally declared disaster; (4) waive the first-time homebuyer requirement and other requirements for mortgage revenue bond financing of residences in a disaster area; (5) increase the standard mileage rate for the tax deduction for the use of a passenger automobile for charitable purposes; (6) provide additional allocations under the low-income housing tax credit for property affected by a federally declared disaster; (7) expand tax-exempt private activity bond financing to included qualified disaster bonds; and (8) suspend limitations on the charitable tax deduction for disaster relief contributions.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 9/24/2008: Received in the Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 32397@http://www.washingtonwatch.com Sat, 27 Sep 2008 06:31:09 EDT http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=31887 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc16"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc17"> Status of the Legislation </h2> <p>Latest Major Action: 9/24/2008: Received in the Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc18"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc19"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 31887@http://www.washingtonwatch.com Thu, 25 Sep 2008 06:30:38 EDT http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=31689 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc20"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc21"> Status of the Legislation </h2> <p>(Log in to edit the wiki and be the first to update the status of the bill!)</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc22"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc23"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 31689@http://www.washingtonwatch.com Wed, 24 Sep 2008 18:30:27 EDT http://www.washingtonwatch.com/bills/history/110_HR_7006.html?rev=31690 <p>H.R. 7006 would amend the Internal Revenue Code of 1986 to provide disaster assistance relief.</p> <h2 id="toc24"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc25"> Status of the Legislation </h2> <p>Latest Major Action: 9/23/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc26"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc27"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 31690@http://www.washingtonwatch.com Wed, 24 Sep 2008 18:30:27 EDT