[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 720 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 720

To provide for income tax treatment relating to certain losses arising 
from, and grants made as a result of, the September 11, 2001, terrorist 
                       attacks on New York City.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 2005

  Mr. Nadler introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To provide for income tax treatment relating to certain losses arising 
from, and grants made as a result of, the September 11, 2001, terrorist 
                       attacks on New York City.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``September 11th Tax Correction Act''.

SEC. 2. TREATMENT OF RETENTION GRANTS AND CERTAIN LOSSES ARISING FROM 
              SEPTEMBER 11, 2001, TERRORIST ATTACKS ON NEW YORK CITY.

    (a) Retention Grants.--Retention grants paid from Federal community 
development block grant funds for assistance for properties or 
businesses damaged by, or for economic revitalization related to, the 
September 11, 2001, terrorist attacks on New York City shall, to the 
extent not otherwise excluded from income tax under the internal 
revenue laws of the United States--
            (1) not be includible in gross income under the Internal 
        Revenue Code of 1986, and
            (2) not be subject to information reporting under such 
        Code.
    (b) Deductions.--Section 265 of the Internal Revenue Code of 1986 
shall not apply with respect to grants described in subsection (a).
    (c) Waiver of Limitations.--If the credit or refund of any 
overpayment of tax resulting from the application of subsections (a) 
and (b) is prevented at any time by the operation of any law or rule of 
law (including res judicata), such credit or refund may nevertheless be 
allowed or made if the claim therefor is filed before the close of the 
1-year period beginning on the date of the enactment of this Act.
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