II 110th CONGRESS 2d Session S. 2649 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.

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.