3.0.0 1423 2023-01-11T16:47:41Z 2023-01-11T16:47:41Z Senate S S 2007-05-17 110 ssfi00 Finance Committee Senate Standing Referred to 2007-05-17T21:10:24Z Kansas Disaster Tax Relief Assistance Act 110 2935 HR 2007-06-28 Referred to the House Committee on Ways and Means. Related bill CRS Kansas Flood Recovery and Economic Opportunity Act of 2007 110 3444 HR 2007-09-05 Sponsor introductory remarks on measure. (CR H10099-10100) Related bill CRS Text similarities House Kansas Disaster Tax Relief Assistance Act 110 1532 S 2007-05-25 Ordered held at desk. Related bill CRS 2007-05-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-05-17 Introduced in Senate IntroReferral 10000 9 Library of Congress R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS N B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2007-05-17 True Taxation Capital gains tax College costs Commerce Depreciation and amortization Disaster relief Economics and Public Finance Education Emergency Management Health Higher education Home ownership Housing and Community Development Housing finance Income tax Individual retirement accounts Kansas Labor and Employment Losses Low-income housing Medical economics Rental housing Rural economic development Saving and investment Scholarships Small business Social Welfare Storms Student loan funds Tax credits Tax deductions Tax exclusion Tax exemption Tax-deferred compensation plans Tornadoes Taxation 00 2007-05-17 Introduced in Senate 2007-06-28T14:41:54Z 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.

]]> Kansas Disaster Tax Relief Assistance Act Display Title Kansas Disaster Tax Relief Assistance Act Official Title as Introduced A bill to 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 public assistance from the Federal Government under such Act. Introduced in Senate IS Short Titles as Introduced Kansas Disaster Tax Relief Assistance Act 1193 110 SAMDT 2022-02-03T05:24:52Z 2007-05-24 Referred to the Committee on Finance. R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 1 1 B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2007-05-24 True 2007-05-24T04:00:00Z Senate 110 S Senate S 1423 Kansas Disaster Tax Relief Assistance Act 2023-01-11T16:47:41Z 3 2007-05-24 ssfi00 Finance Committee 0 Senate Referred to the Committee on Finance. IntroReferral 2007-05-24 Senate amendment submitted Floor 91000 9 Library of Congress Introduced in Senate 2007-05-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1423is/xml/BILLS-110s1423is.xml 2007-05-17 Read twice and referred to the Committee on Finance. 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.