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 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.

== Detailed Summary ==

<summary>
(Log in<b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b>

Kansas Disaster Tax Relief Assistance Act - Extends to editbusinesses and individuals in certain Kansas counties declared by the wikiPresident as major disaster areas under the Robert T. Stafford Disaster Relief and beEmergency Assistance Act (FEMA-1699-DR, as in effect on the first to provide a detailed summarydate of enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, provisions of the bill!)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.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 5/25/2007: Passed/agreed to in Senate. Status: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
</status>

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== Points in Favor ==

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== Points Against ==

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