3.0.0 7006 2022-02-03T05:16:18Z 2022-02-03T05:16:18Z House H HR 2008-09-23 110 hswm00 Ways and Means Committee House Standing Referred to 2008-09-23T13:05:15Z Fair Disaster Tax Relief Act of 2008 110 6640 HR 2008-07-29 Referred to the House Committee on Ways and Means. Related bill CRS 2008-12-09 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129. Calendars 2008-12-08 Senate Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2008-09-24 Senate Received in the Senate. IntroReferral 2008-09-24 19:07:01 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2008-09-24 19:07:00 On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 4 (Roll no. 635). (text: CR H9312-9314) Floor H37300 2 House floor actions 635 https://clerk.house.gov/evs/2008/roll635.xml House 110 2008-09-24T23:07:00Z 2 2008-09-24 19:07:00 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 419 - 4 (Roll no. 635).(text: CR H9312-9314) Floor 8000 9 Library of Congress 635 https://clerk.house.gov/evs/2008/roll635.xml House 110 2008-09-24T23:07:00Z 2 2008-09-24 18:59:01 Considered as unfinished business. (consideration: CR H9365) Floor H30000 2 House floor actions 2008-09-24 17:09:50 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2008-09-24 16:36:11 DEBATE - The House proceeded with forty minutes of debate on H.R. 7006. Floor H8D000 2 House floor actions 2008-09-24 16:36:10 Considered under suspension of the rules. (consideration: CR H9312-9319) Floor H30000 2 House floor actions 2008-09-24 16:36:00 Mr. Rangel moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2008-09-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2008-09-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-09-23 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 2008-09-23 True L000043 Rep. Lampson, Nick [D-TX-22] NICK LAMPSON D TX 22 2008-09-23 True C001073 Rep. Cazayoux, Donald J., Jr. [D-LA-6] Donald Cazayoux D LA J. 6 2008-09-23 True M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2008-09-23 True L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2008-09-23 True N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 2008-09-23 True T000460 Rep. Thompson, Mike [D-CA-1] MIKE THOMPSON D CA 1 2008-09-23 True C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2008-09-23 True V000128 Rep. Van Hollen, Chris [D-MD-8] Chris Van Hollen D MD 8 2008-09-23 True M001148 Rep. Meek, Kendrick B. [D-FL-17] Kendrick Meek D FL B. 17 2008-09-23 True M001164 Rep. Mahoney, Tim [D-FL-16] Tim Mahoney D FL 16 2008-09-23 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2008-09-24 False Taxation Automobiles Bonds Charitable contributions Commerce Disaster relief Disasters Emergency Management Environmental Protection Expense accounts Finance and Financial Sector Hazardous wastes Home ownership Housing and Community Development Income tax Losses Low-income housing Maintenance and repair Refuse and refuse disposal Social Welfare Tax deductions Tax exemption Transportation and Public Works Travel costs Taxation 00 2008-09-23 Introduced in House 2008-09-26T21:32:34Z 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.

]]> 81 2008-09-24 Passed House without amendment 2008-10-02T20:33:03Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax relief in federally declared disaster areas.

(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 "federally declared disaster" as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act.

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).

Increases the threshold for deductible casualty losses from $100 to $500 for taxable years beginning after December 31, 2008, and before January 1, 2012.

(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.

(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.

(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.

(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).

(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.

(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.

(Sec. 9) Waives limitations on individual and corporate charitable contributions for qualified disaster contributions. Defines "qualified disaster contribution" as any charitable contribution paid prior to January 1, 2010, to a public charity for relief efforts related to a federally declared disaster.

]]> Disaster Tax Relief Act of 2008 Short Titles as Introduced Disaster Tax Relief Act of 2008 Short Titles as Passed House Disaster Tax Relief Act of 2008 H House Display Title Disaster Tax Relief Act of 2008 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide disaster assistance relief. Placed on Calendar Senate 2008-12-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7006pcs/xml/BILLS-110hr7006pcs.xml Engrossed in House 2008-09-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7006eh/xml/BILLS-110hr7006eh.xml Introduced in House 2008-09-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7006ih/xml/BILLS-110hr7006ih.xml 2008-12-09 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.