110 HR 6880 IH: To amend the Internal Revenue Code of 1986 to allow an U.S. House of Representatives 2008-09-11 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. 6880 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.

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:

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.