110 HR 6602 IH: To provide for the use of amended income tax returns to U.S. House of Representatives 2008-07-24 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. 6602 IN THE HOUSE OF REPRESENTATIVES July 24, 2008 Mr. Scalise introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide for the use of amended income tax returns to take into account receipt of certain hurricane-related casualty loss grants by disallowing previously taken casualty loss deductions.

1.

Use of amended income tax returns to take into account receipt of certain hurricane-related casualty loss grants by disallowing previously taken casualty loss deductions

(a)

In general

Notwithstanding any other provision of the Internal Revenue Code of 1986, if a taxpayer claims a deduction for any taxable year with respect to a casualty loss to a principal residence (within the meaning of section 121 of such Code) resulting from Hurricane Katrina, Hurricane Rita, or Hurricane Wilma and in a subsequent taxable year receives a grant under Public Law 109–148, 109–234, or 110–116 as reimbursement for such loss, such taxpayer may elect to file an amended income tax return for the taxable year in which such deduction was allowed (and for any taxable year to which such deduction is carried) and reduce (but not below zero) the amount of such deduction by the amount of such reimbursement. (b)

Time of filing amended return

Subsection (a) shall apply with respect to any grant only if any amended income tax returns with respect to such grant are filed not later than the later of— (1)the due date for filing the tax return for the taxable year in which the taxpayer receives such grant, or (2)the date which is 1 year after the date of the enactment of this Act. (c)

Waiver of penalties and interest

Any underpayment of tax resulting from the reduction under subsection (a) of the amount otherwise allowable as a deduction shall not be subject to any penalty or interest under such Code if such tax is paid not later than 1 year after the filing of the amended return to which such reduction relates.