[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5273 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5273

   To amend the Internal Revenue Code of 1986 to extend certain tax 
                benefits relating to certain disasters.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 11, 2010

  Mr. Langevin (for himself and Mr. Kennedy) 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 extend certain tax 
                benefits relating to certain disasters.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Disaster Tax Extenders 
Act''.

SEC. 2. CASUALTY LOSS DEDUCTION FOR DISASTER LOSS ALLOWED WHETHER OR 
              NOT TAXPAYER ITEMIZES OTHER DEDUCTIONS.

    (a) In General.--Subsection (a) of section 62 of such Code 
(defining adjusted gross income) is amended by inserting after 
paragraph (21) the following new paragraph:
            ``(22) Disaster losses.--The deduction allowed by section 
        165 for any loss attributable to a disaster occurring--
                    ``(A) in an area subsequently determined by the 
                President to warrant assistance by the Federal 
                Government under the Robert T. Stafford Disaster Relief 
                and Emergency Assistance Act, and
                    ``(B) before January 1, 2011.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to losses sustained after December 31, 2009, by individuals 
residing in areas warranting assistance as determined by the President 
after such date.

SEC. 3. DEDUCTIBILITY OF PERSONAL CASUALTY LOSSES ATTRIBUTABLE TO 
              FEDERALLY DECLARED DISASTERS.

    (a) In General.--Subclause (I) of section 165(h)(3)(B)(i) is 
amended by striking ``January 1, 2010'' and inserting ``January 1, 
2011''.
    (b) Effective Date.--Except as otherwise provided in this 
subsection, the amendments made by this section shall apply to losses 
attributable to disasters occurring after December 31, 2009.

SEC. 4. EXPENSING OF CERTAIN QUALIFIED DISASTER EXPENSES.

    (a) In General.--Subparagraph (A) of section 198A(b)(2) is amended 
by striking ``January 1, 2010'' and inserting ``January 1, 2011''.
    (b) Effective Date.--The amendment made by this section shall apply 
to expenditures on account of disasters occurring after December 31, 
2009.

SEC. 5. FIVE-YEAR CARRYBACK OF NET OPERATING LOSSES ATTRIBUTABLE TO 
              FEDERALLY DECLARED DISASTERS.

    (a) In General.--Subclause (I) of section 172(j)(1)(A)(i) is 
amended by striking ``January 1, 2010'' and inserting ``January 1, 
2011''.
    (b) Effective Date.--The amendment made by this section shall apply 
to losses attributable to disasters occurring after December 31, 2009.

SEC. 6. EXPENSING AND SPECIAL DEPRECIATION ALLOWANCE FOR QUALIFIED 
              DISASTER ASSISTANCE PROPERTY.

    (a) In General.--Subclause (I) of section 168(n)(2)(A)(ii) is 
amended by striking ``January 1, 2010'' and inserting ``January 1, 
2011''.
    (b) Effective Date.--The amendment made by this section shall apply 
to disasters occurring after December 31, 2009.
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