[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4362 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4362

To amend the Internal Revenue Code of 1986 to exclude from gross income 
              remediation payments for hazardous drywall.


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                    IN THE HOUSE OF REPRESENTATIVES

                           December 16, 2009

   Mr. Cao introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude from gross income 
              remediation payments for hazardous drywall.

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

SECTION 1. HAZARDOUS DRYWALL REMEDIATION PAYMENT EXCLUDED FROM GROSS 
              INCOME.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 
139C the following new section:

``SEC. 139D. HAZARDOUS DRYWALL REMEDIATION PAYMENTS.

    ``Gross income shall not include any payment received from the 
Federal a State or local government for the replacement of, or 
remediation relating to, hazardous or defective drywall installed in 
the principal residence (within the meaning of section 121) of the 
taxpayer after September 1, 2006, and before the date of the enactment 
of this Act.''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting after 
the item relating to section 139C the following new item:

``139D. Hazardous drywall remediation payments.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments received after ____________.
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