I 111th CONGRESS 2d Session H. R. 5273 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.

1.

Short title

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

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.

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.

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.

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.

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.