I 111th CONGRESS 1st Session H. R. 4052 IN THE HOUSE OF REPRESENTATIVES November 6, 2009 Mr. Kind (for himself, Mr. Carnahan, Mr. Davis of Alabama, Mr. Herger, Mr. Melancon, Mr. Paul, and Mr. Tanner) 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 make certain disaster relief provisions permanent.

1.

Short title

This Act may be cited as the Fair Disaster Tax Relief Act of 2009.

2.

Certain disaster relief provisions made permanent

(a)

Losses

(1)

In general

Section 165(h)(3)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by striking before January 1, 2010. (2)

Limitation on individual loss per casualty

Section 165(h)(1) of such Code is amended by striking ($100 for taxable years beginning after December 31, 2009). (3)

Effective date

(A)

In general

The amendment made by paragraph (1) shall apply to disasters declared in taxable years beginning after December 31, 2009. (B)

Increase in casualty

The amendment made by paragraph (2) shall apply to taxable years beginning after December 31, 2009. (b)

Expensing of qualified disaster expenses

(1)

In general

Section 198A(b)(2)(A) of such Code is amended by striking occurring before January 1, 2010. (2)

Effective date

The amendment made by paragraph (1) shall apply to amounts paid or incurred after December 31, 2010, in connection with disasters declared after such date. (c)

Net operating losses attributable to Federally declared disasters

(1)

In general

Section 172(j)(1)(A)(i)(I) of such Code is amended by striking occurring before January 1, 2010. (2)

Effective date

The amendment made by paragraph (1) shall apply to losses arising in taxable years beginning after December 31, 2009, in connection with disasters declared after such date. (d)

Waiver of certain mortgage revenue bond requirements following federally declared disasters

(1)

In general

Section 143(k)(12) of such Code is amended— (A)in subparagraph (A)(i) by striking occurring before January 1, 2010, and (B)in subparagraph (B)(i) by striking occurring before January 1, 2010,. (2)

Effective date

The amendment made by paragraph (1) shall apply to disasters occurring after December 31, 2009. (e)

Special depreciation allowance for qualified disaster property

(1)

In general

Section 168(n)(2)(A)(ii)(I) of such Code is amended by striking occurring before January 1, 2010. (2)

Effective date

The amendment made by paragraph (1) shall apply to property placed in service after December 31, 2009, with respect disasters declared after such date.