[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2928 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2928

 To amend the Internal Revenue Code of 1986 to extend certain disaster 
             tax relief provisions, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 23, 2009

 Mr. Grassley introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend certain disaster 
             tax relief provisions, and for other purposes.

    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 ``Heartland Disaster Tax Relief 
Extension Act of 2009''.

                   TITLE I--HEARTLAND DISASTER AREAS

SEC. 101. CREDIT TO HOLDERS OF TAX CREDIT BONDS.

    Section 702(d)(7)(C) of the Heartland Disaster Tax Relief Act of 
2008 (Public Law 110-343; 122 Stat. 3918) is amended by striking 
``January 1, 2010'' and inserting ``January 1, 2011''.

SEC. 102. EDUCATION TAX BENEFITS.

    Section 702(d)(8) of the Heartland Disaster Tax Relief Act of 2008 
(Public Law 110-343; 122 Stat. 3918) is amended by striking ``or 2009'' 
and inserting ``2009, or 2010''.

SEC. 103. SPECIAL RULES FOR USE OF RETIREMENT FUNDS.

    Section 702(d)(10) of the Heartland Disaster Tax Relief Act of 2008 
(Public Law 110-343; 122 Stat. 3918) is amended--
            (1) by striking ``January 1, 2010'' both places it appears 
        and inserting ``January 1, 2011'', and
            (2) by striking ``December 31, 2009'' both places it 
        appears and inserting ``December 31, 2010''.

SEC. 104. ADJUSTMENTS REGARDING TAXPAYER AND DEPENDENCY STATUS.

    Section 702(d)(15) of the Heartland Disaster Tax Relief Act of 2008 
(Public Law 110-343; 122 Stat. 3918) is amended by striking ``or 2009'' 
and inserting ``2009, or 2010''.

SEC. 105. EFFECTIVE DATE.

    The amendments made by this title shall take effect as if included 
in the enactment of section 702 of the Heartland Disaster Tax Relief 
Act of 2008.

                   TITLE II--NATIONAL DISASTER AREAS

SEC. 201. LOSSES ATTRIBUTABLE TO FEDERALLY DECLARED DISASTERS.

    (a) No Limit for 2010.--Paragraph (1) of section 165(h) of the 
Internal Revenue Code of 1986 is amended by striking ``$500 ($100 for 
taxable years beginning after December 31, 2009)'' and inserting ``$100 
($0 for taxable years beginning after December 31, 2009, and before 
January 1, 2011)''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2009.

SEC. 202. EXPENSING OF QUALIFIED DISASTER EXPENSES.

    (a) In General.--Subparagraph (A) of section 198A(b)(2) of the 
Internal Revenue Code of 1986 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.

SEC. 203. NET OPERATING LOSSES ATTRIBUTABLE TO FEDERALLY DECLARED 
              DISASTERS.

    (a) In General.--Subclause (I) of section 172(j)(1)(A)(i) of the 
Internal Revenue Code of 1986 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.

SEC. 204. WAIVER OF CERTAIN MORTGAGE REVENUE BOND REQUIREMENTS.

    (a) In General.--Paragraph (11) of section 143(k) of the Internal 
Revenue Code of 1986 is amended by striking ``January 1, 2010'' and 
inserting ``January 1, 2011''.
    (b) Effective Date.--The amendment made by this section shall apply 
to bonds issued after December 31, 2009.

SEC. 205. SPECIAL DEPRECIATION ALLOWANCE FOR QUALIFIED DISASTER 
              PROPERTY.

    (a) In General.--Subclause (I) of section 168(n)(2)(A)(ii) of the 
Internal Revenue Code of 1986 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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