Detailed Summary

Kansas Flood Recovery and Economic Opportunity Act of 2007 - Establishes the federal share of assistance for the state of Kansas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act for the storms and flooding in that state between June 26, 2007, and July 25, 2007, at 100% of eligible costs.

Extends to certain areas in Kansas declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1711-DR, as in effect on the date of enactment of this Act) by reason of severe storms and flooding beginning on June 26, 2007, 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) bonus depreciation for certain property acquired after June 26, 2007; (5) increased expensing of small business assets and of demolition and cleanup costs; (6) an increase in the tax credit for rehabilitation expenditures; (7) extended net operating loss carryback periods for losses attributable to storms 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.

Status of the Legislation

Latest Major Action: 8/4/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.

Points in Favor

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Points Against

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