3.0.0 1795 2023-01-11T13:30:05Z 2023-01-11T13:30:05Z Senate S 2015-07-16 114 ssfi00 Finance Committee Senate Standing Referred to 2015-07-16T19:37:00Z National Disaster Tax Relief Act of 2015 114 3110 HR 2015-07-16 Referred to the House Committee on Ways and Means. Identical bill CRS 2015-07-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-07-16 Introduced in Senate IntroReferral 10000 9 Library of Congress V000127 Sen. Vitter, David [R-LA] David Vitter R LA N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2015-07-16 True C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2015-07-16 True M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2015-07-16 True C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2015-07-16 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2015-07-16 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2015-07-16 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2015-07-16 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2015-07-16 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2015-09-15 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2015-09-15 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2016-03-09 False Taxation Business investment and capital Charitable contributions Credit and credit markets Disaster relief and insurance Employee benefits and pensions Financial services and investments Health care costs and insurance Homelessness and emergency shelter Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Life, casualty, property insurance Low- and moderate-income housing Natural disasters Poverty and welfare assistance Residential rehabilitation and home repair Securities State and local government operations Tax administration and collection, taxpayers Tax treatment of families Tax-exempt organizations Wages and earnings Water use and supply Taxation 00 2015-07-16 Introduced in Senate 2015-09-25T20:40:28Z National Disaster Tax Relief Act of 2015

Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, 2014, and 2015 by:

  • allowing an election to expense qualified disaster expenses (i.e., for the abatement of hazardous substances, removal of debris, demolition, and repair of business-related property);
  • increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers;
  • allowing through 2015 the deduction of losses and net operating losses attributable to disasters;
  • allowing waivers of requirements relating to mortgage revenue bonds;
  • extending through 2015 the additional allowance for depreciation of business property (bonus depreciation);
  • allowing an increase through 2015 of the new markets tax credit limitation amount within a federally-declared disaster area;
  • permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty;
  • allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster;
  • allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters;
  • providing a special rule to allow individuals affected by a disaster in 2012, 2013, 2014, or 2015 to claim a full earned income tax credit;
  • increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster;
  • permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs;
  • allowing the issuance of qualified disaster area recovery bonds;
  • allowing an additional allocation of the low-income housing tax credit in 2016 to states affected by a federally-declared disaster occurring in 2012, 2013, 2014, or 2015;  
  • allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status;
  • allowing an exclusion from gross income for disaster mitigation payments received from state and local governments;
  • allowing a tax deduction for payments to a tax-exempt natural disaster fund;
  • allowing a five-year replacement period for property located in a disaster area for purposes of the exclusion of gain from an involuntary conversion;
  • allowing employers a business-related tax credit for up to 40% of wages paid to employees in a disaster area; and
  • allowing an enhanced tax deduction for medical expenses related to an injury occurring in a disaster area.
]]> National Disaster Tax Relief Act of 2015 Display Title National Disaster Tax Relief Act of 2015 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief for major disasters declared in any of calendar years 2012 through 2015, to make certain tax relief provisions permanent, and for other purposes. Introduced in Senate IS Short Titles as Introduced National Disaster Tax Relief Act of 2015 Introduced in Senate 2015-07-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1795is/xml/BILLS-114s1795is.xml 2015-07-16 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.