[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6428 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6428

 To exclude from gross income compensation provided by Pacific Gas and 
   Electric Company for victims of the natural gas transmission line 
     explosion occurring in San Bruno, California, and to treat as 
 nontaxable any gain from the involuntary conversion of their property 
as the result of such explosion, without regard to the rules requiring 
                conversion to property of a similar use.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2010

  Ms. Speier introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To exclude from gross income compensation provided by Pacific Gas and 
   Electric Company for victims of the natural gas transmission line 
     explosion occurring in San Bruno, California, and to treat as 
 nontaxable any gain from the involuntary conversion of their property 
as the result of such explosion, without regard to the rules requiring 
                conversion to property of a similar use.

    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 ``San Bruno Victims Compensation 
Fairness Act of 2010''.

SEC. 2. NATURAL GAS TRANSMISSION LINE EXPLOSION COMPENSATION EXCLUDED 
              FROM GROSS INCOME.

    (a) In General.--For purposes of the Internal Revenue Code of 
1986--
            (1) the natural gas transmission line explosion on 
        September 9, 2010, in San Bruno, California, shall be treated 
        as a qualified disaster under section 139(c) of such Code, and
            (2) any compensation provided by Pacific Gas and Electric 
        Company to a victim of such disaster shall be treated as a 
        qualified disaster relief payment under section 139 of such 
        Code.
    (b) Effective Date.--Subsection (a) shall apply to amounts received 
on or after September 9, 2010.

SEC. 3. GAIN FROM CONVERSION OF PROPERTY EXCLUDED FROM GROSS INCOME.

    (a) In General.--In the case of any gain from the compulsory or 
involuntary conversion of property as the result of its destruction, in 
whole or in part, by the natural gas explosion described in section 
1(1)--
            (1) section 1033 of the Internal Revenue Code of 1986 shall 
        not apply with respect to such gain, and
            (2) such gain shall not be included in gross income for 
        purposes of such Code.
    (b) Effective Date.--Subsection (a) shall apply to compulsory or 
involuntary conversions on or after September 9, 2010.
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