[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2649 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2649

 To allow an income tax exception to limitations on personal casualty 
         losses for losses occurring in tornado disaster areas.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2008

  Mr. Isakson introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To allow an income tax exception to limitations on personal casualty 
         losses for losses occurring in tornado disaster areas.

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

SECTION 1. 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 arise in the tornado disaster area 
on or after January 1, 2007, and before March 1, 2008, and which are 
attributable to tornados.
    (b) Tornado Disaster Area.--For purposes of this Act, the term 
``tornado disaster area'' means any 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 on or 
after January 1, 2007, and before March 1, 2008, by reason of damage 
attributable to tornados.
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