110 HR 6261 IH: Midwest Storm Victim Relief Act of U.S. House of Representatives 2008-06-12 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.

I 110th CONGRESS 2d Session H. R. 6261 IN THE HOUSE OF REPRESENTATIVES June 12, 2008 Mr. Hill introduced the following bill; which was referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To increase the maximum amount of financial assistance that an individual or household is eligible to receive under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in connection with recent storm damage and flooding in the Midwest, and for other purposes.

1.

Short title

This Act may be cited as the Midwest Storm Victim Relief Act of 2008.

2.

Disaster assistance to individuals and households

In providing financial assistance to individuals and households in connection with major disasters declared by the President for storm damage and flooding in the States of Indiana, Iowa, Minnesota, and Wisconsin during the period beginning on May 26, 2008, and ending on June 15, 2008, the President shall apply section 408(h) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5174(h)) by substituting $50,000 for the amount specified in that section.

3.

Suspension of certain limitations on personal casualty losses

(a)

In general

Paragraphs (1) and (2)(A) of section 165(h) of the Internal Revenue Code of 1986 shall not apply to losses described in section 165(c)(3) of such Code which are attributable to major disasters declared by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.) for storm damage and flooding in the States of Indiana, Iowa, Minnesota, and Wisconsin during the period beginning on May 26, 2008, and ending on June 15, 2008. In the case of any other losses, section 165(h)(2)(A) of such Code shall be applied without regard to the losses referred to in the preceding sentence. (b)

Exclusion for compensation for subsequent loss

For purposes of the Internal Revenue Code of 1986, gross income does not include any amount received as compensation for a loss for which a deduction is allowed by reason of subsection (a) if such compensation is received in a taxable year beginning after the taxable year for which such deduction is allowed.