II 110th CONGRESS 1st Session S. 1423 IN THE SENATE OF THE UNITED STATES May 17, 2007 Mr. Roberts (for himself and Mr. Brownback) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend tax relief to the residents and businesses of an area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA–1699–DR) by reason of severe storms and tornados beginning on May 4, 2007, and determined by the President to warrant individual or public assistance from the Federal Government under such Act.

1.

Short title; etc

(a)

Short title

This Act may be cited as Kansas Disaster Tax Relief Assistance Act. (b)

Amendment of 1986 Code

Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c)

Table of contents

The table of contents for this Act is as follows: Sec. 1. Short title; etc. TITLE I—Temporary tax relief Sec. 101. Temporary tax relief. TITLE II—New homestead opportunities pilot project Sec. 201. Loans for leadership initiative. Sec. 202. Credit for certain rural homebuyers. Sec. 203. Capital loss deduction allowed with respect to sale or exchange of principal residence in certain rural areas. Sec. 204. Individual Homestead accounts. TITLE III—Incentives for main street businesses Sec. 301. Rural investment tax credit. Sec. 302. Qualified rural small business investment credit. Sec. 303. Accelerated depreciation for rural investment property.