II 111th CONGRESS 1st Session S. 2928 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.
1.
Short title
This Act may be cited as the Heartland Disaster Tax Relief Extension Act of 2009.
<enum>I</enum><header>Heartland disaster areas</header> <section id="idE7049817F4DC49109BB7D71179363837" section-type="subsequent-section"><enum>101.</enum><header>Credit to holders of tax credit bonds</header><text display-inline="no-display-inline">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 <quote>January 1, 2010</quote> and inserting <quote>January 1, 2011</quote>.</text> </section><section id="id95E7EDEB385C4FA4B67E930DF4750B63" section-type="subsequent-section"><enum>102.</enum><header>Education tax benefits</header><text display-inline="no-display-inline">Section 702(d)(8) of the Heartland Disaster Tax Relief Act of 2008 (Public Law 110–343; 122 Stat. 3918) is amended by striking <quote>or 2009</quote> and inserting <quote>2009, or 2010</quote>.</text> </section><section id="id41EFDAF473D1480CB349E056EB57639C" section-type="subsequent-section"><enum>103.</enum><header>Special rules for use of retirement funds</header><text display-inline="no-display-inline">Section 702(d)(10) of the Heartland Disaster Tax Relief Act of 2008 (Public Law 110–343; 122 Stat. 3918) is amended—</text> <paragraph id="id3D07946AD421438BA123A77E2A2F315C"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>January 1, 2010</quote> both places it appears and inserting <quote>January 1, 2011</quote>, and</text> </paragraph><paragraph id="idCAAC4FFA4C3C4299BF163A85C523510B"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>December 31, 2009</quote> both places it appears and inserting <quote>December 31, 2010</quote>.</text> </paragraph></section><section id="id46F08386B4CD437A9F712E7A71472C75"><enum>104.</enum><header>Adjustments regarding taxpayer and dependency status</header><text display-inline="no-display-inline">Section 702(d)(15) of the Heartland Disaster Tax Relief Act of 2008 (Public Law 110–343; 122 Stat. 3918) is amended by striking <quote>or 2009</quote> and inserting <quote>2009, or 2010</quote>.</text> </section><section id="id28F3A4BEB62A451087B01839CB10624D"><enum>105.</enum><header>Effective date</header><text display-inline="no-display-inline">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.</text> </section><enum>II</enum><header>National disaster areas</header> <section id="id5C54AE2D528449BEAAE4281D4F0C1229" section-type="subsequent-section"><enum>201.</enum><header>Losses attributable to federally declared disasters</header> <subsection id="idF0D4514AE8BF47CE907E03D827BFCC74"><enum>(a)</enum><header>No limit for 2010</header><text>Paragraph (1) of section 165(h) of the Internal Revenue Code of 1986 is amended by striking <quote>$500 ($100 for taxable years beginning after December 31, 2009)</quote> and inserting <quote>$100 ($0 for taxable years beginning after December 31, 2009, and before January 1, 2011)</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="idFC3258DB230146AF9CA7C0B397BB2518"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to taxable years beginning after December 31, 2009.</text> </subsection></section><section id="id6A945CF3AE2E4601BC8129A9F024A2C8"><enum>202.</enum><header>Expensing of qualified disaster expenses</header> <subsection id="id925FD7BF01FA4CC2B5B0AF7A2802DB8D"><enum>(a)</enum><header>In general</header><text>Subparagraph (A) of section 198A(b)(2) of the Internal Revenue Code of 1986 is amended by striking <quote>January 1, 2010</quote> and inserting <quote>January 1, 2011</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="idAA34E794E5774B08A96A74AD7699B4B8"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to disasters occurring after December 31, 2009.</text> </subsection></section><section id="idD50B31AB73EF42C59AF618C57CBDC7ED"><enum>203.</enum><header>Net operating losses attributable to federally declared disasters</header> <subsection id="id3E488247DEBC42C196AD71C6B54945FF"><enum>(a)</enum><header>In general</header><text>Subclause (I) of section 172(j)(1)(A)(i) of the Internal Revenue Code of 1986 is amended by striking <quote>January 1, 2010</quote> and inserting <quote>January 1, 2011</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="id693BA58F9CD542AEB1E5DBBE332ACF41"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to disasters occurring after December 31, 2009.</text> </subsection></section><section id="idCC977B233E8847A78823C431E2A50546"><enum>204.</enum><header>Waiver of certain mortgage revenue bond requirements</header> <subsection id="id0385F89715634B888E8B65C2FB5323AE"><enum>(a)</enum><header>In general</header><text>Paragraph (11) of section 143(k) of the Internal Revenue Code of 1986 is amended by striking <quote>January 1, 2010</quote> and inserting <quote>January 1, 2011</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="idF577013BACD44A12A94C5E5932E7D1BF"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to bonds issued after December 31, 2009.</text> </subsection></section><section id="idFF734D4A8DA046CBA017647EC455F1D8"><enum>205.</enum><header>Special depreciation allowance for qualified disaster property</header> <subsection id="idB39AA41925C5435FA2EB17E232163F91"><enum>(a)</enum><header>In general</header><text>Subclause (I) of section 168(n)(2)(A)(ii) of the Internal Revenue Code of 1986 is amended by striking <quote>January 1, 2010</quote> and inserting <quote>January 1, 2011</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="id8D3A9374CAE34DF29A6F4F18A0B0C790"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to disasters occurring after December 31, 2009.</text> </subsection></section>