3.0.0 3322 2022-02-03T05:09:49Z 2022-02-08T17:27:15Z Senate S S 2008-07-23 110 ssfi00 Finance Committee Senate Standing Referred to 2008-07-23T21:41:32Z Midwestern Disaster Tax Relief Act of 2008 110 6587 HR 2008-07-23 Referred to the House Committee on Ways and Means. Identical bill CRS 2008-07-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7167-7169) IntroReferral 2008-07-23 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2008-07-23 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2008-07-23 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-07-23 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-07-23 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2008-07-23 True B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2008-07-23 True B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN 2008-07-23 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2008-07-23 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2008-07-23 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2008-07-23 True L000504 Sen. Lugar, Richard G. [R-IN] RICHARD LUGAR R IN GREEN 2008-07-23 True Taxation Agriculture and Food Arkansas Arts, Culture, Religion Bonds Books Charitable contributions College costs Commerce Depreciation and amortization Disaster relief Displaced persons Education Elementary and secondary education Emergency Management Environmental Protection Finance and Financial Sector Floods Government Operations and Politics Government paperwork Grants-in-aid Higher education Housing and Community Development Housing finance Illinois Income tax Indiana Individual retirement accounts Inventories Iowa Kansas Labor and Employment Loans Losses Low-income housing Michigan Minnesota Missouri Mortgages Nebraska Residential rehabilitation Social Welfare Storms Tax credits Tax deductions Tax exclusion Tax exemption Tax penalties Tax returns Textbooks Tornadoes Transportation and Public Works Travel costs Volunteer workers Wisconsin Taxation 00 2008-07-23 Introduced in Senate 2008-07-29T13:44:33Z Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).

Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback of net operating losses, and investment in tax credit bonds; (2) increased tax deductions for tuition and related educational expenses; (3) expensing of environmental remediation costs and demolition and cleanup costs; (4) tax incentives for employer-provided housing; (5) tax-free withdrawals from retirement accounts and recontributions for home purchases; (6) employer tax credits for retention of employees; (7) suspension of limitations on tax deductions for charitable contributions and personal casualty losses; (8) mortgage revenue bonds for owner-occupied residences; (9) tax exemptions for cancellation of indebtedness; and (10) nonrecognition of gain for homes and businesses destroyed in a disaster.

Allows taxpayers in the Midwestern disaster area who claimed a tax deduction for a casualty loss to a principal residence and later received a grant under any federal or state program for reimbursement of such loss to file an amended tax return, without incurring tax penalties.

Extends through 2009 the additional tax exemption for housing displaced individuals in the Midwestern disaster area.

Excludes from gross income, through December 31, 2008, reimbursements to volunteers in the Midwestern disaster area for the use of a personal vehicle for charitable work. Increases the standard mileage rate for the charitable use of personal vehicles.

Extends through 2009 the enhanced tax deduction for charitable contributions of food inventories and of book inventories to public schools.

Requires tax-exempt charitable organizations to provide the Secretary of the Treasury with specified information, on an annual basis, relating to their disaster relief activities.

]]> Midwestern Disaster Tax Relief Act of 2008 Short Titles as Introduced Midwestern Disaster Tax Relief Act of 2008 Display Title Midwestern Disaster Tax Relief Act of 2008 Official Title as Introduced A bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 5254 110 SAMDT To make a technical correction. 2022-02-03T05:09:49Z 2008-07-30 Referred to the Committee on Finance. G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2008-07-30T04:00:00Z Senate 110 S Senate S 3322 Midwestern Disaster Tax Relief Act of 2008 2022-02-08T17:27:15Z 3 2008-07-30 ssfi00 Finance Committee 0 Senate Referred to the Committee on Finance. IntroReferral 2008-07-30 Senate amendment submitted Floor 91000 9 Library of Congress Introduced in Senate 2008-07-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3322is/xml/BILLS-110s3322is.xml 2008-07-23 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7167-7169) 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.