[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6880 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6880

  To amend the Internal Revenue Code of 1986 to allow an individual a 
credit against income tax for uncompensated losses from damage to such 
 individual's principal residence by reason of Hurricane Gustav to the 
extent such losses are uncompensated by reason of the deductible on the 
                  individual's homeowner's insurance.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 11, 2008

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

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow an individual a 
credit against income tax for uncompensated losses from damage to such 
 individual's principal residence by reason of Hurricane Gustav to the 
extent such losses are uncompensated by reason of the deductible on the 
                  individual's homeowner's insurance.

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

SECTION 1. CREDIT FOR CERTAIN UNCOMPENSATED LOSSES ON PRINCIPAL 
              RESIDENCES DAMAGED BY HURRICANE GUSTAV.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 25D the 
following new section:

``SEC. 25E. CERTAIN UNCOMPENSATED LOSSES ON PRINCIPAL RESIDENCES 
              DAMAGED BY HURRICANE GUSTAV.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this chapter an amount 
equal to the qualified disaster loss sustained by the taxpayer during 
the taxable year.
    ``(b) Credit Limited to Deductible on Homeowner's Insurance.--The 
credit allowed by this section with respect to any qualified disaster 
loss shall not exceed the excess (if any) of--
            ``(1) the amount of such loss for which the taxpayer was 
        not compensated under the taxpayer's homeowner's insurance 
        policy solely by reason of the deductible under such policy, 
        over
            ``(2) the amount described in paragraph (1) which is 
        compensated for by the Federal Emergency Management Agency.
    ``(c) Qualified Disaster Loss.--For purposes of this section, the 
term `qualified disaster loss' means any personal casualty loss (as 
defined in section 165(h)(3)) which is attributable to the compulsory 
or involuntary conversion of the taxpayer's principal residence or any 
of its contents as a result Hurricane Gustav in 2008.''.
    (b) Clerical Amendment.--The table of sections for such subpart A 
is amended by inserting after the item relating to section 25D the 
following new item:

``Sec. 25E. Certain uncompensated losses on principal residences 
                            damaged by Hurricane Gustav.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to losses sustained during 2008.
                                 <all>