[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1583 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1583

 To amend the Internal Revenue Code of 1986 to provide a tax deduction 
  for the purchase, construction, and installation of a safe room or 
                 storm shelter, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2011

 Mr. Inhofe (for himself, Mr. Blunt, and Mr. Chambliss) 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 provide a tax deduction 
  for the purchase, construction, and installation of a safe room or 
                 storm shelter, 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 ``Storm Shelter Tax Relief Act''.

SEC. 2. DEDUCTION FOR PURCHASE, CONSTRUCTION, AND INSTALLATION OF A 
              SAFE ROOM OR STORM SHELTER.

    (a) In General.--Part VII of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended--
            (1) by redesignating section 224 as section 225, and
            (2) by inserting after section 223 the following new 
        section:

``SEC. 224. SAFE ROOM OR STORM SHELTER PURCHASE, CONSTRUCTION, AND 
              INSTALLATION EXPENSES.

    ``(a) Allowance of Deduction.--
            ``(1) In general.--In the case of an individual, there 
        shall be allowed as a deduction for the taxable year an amount 
        equal to the qualified storm shelter expenses paid by the 
        taxpayer during the taxable year.
            ``(2) Maximum dollar amount per shelter.--The deduction 
        allowed by paragraph (1) with respect to each qualified storm 
        shelter shall not exceed $2,500.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Qualified storm shelter expenses.--The term 
        `qualified storm shelter expenses' means expenses (including 
        labor) for the purchase, construction, and installation of a 
        qualified storm shelter.
            ``(2) Qualified storm shelter.--The term `qualified storm 
        shelter' means a storm shelter or safe room--
                    ``(A) the design of which is capable of 
                withstanding an EF5 tornado, and
                    ``(B) which is first placed in service by the 
                taxpayer as an attachment to a dwelling--
                            ``(i) which was placed in service prior to 
                        the placed in service date of such storm 
                        shelter or safe room,
                            ``(ii) which serves as the principal 
                        residence (within the meaning of section 121) 
                        of the taxpayer, and
                            ``(iii) with respect to which no other 
                        qualified storm shelter is attached.
    ``(c) Special Rules.--
            ``(1) Denial of double benefit.--No deduction shall be 
        allowed under subsection (a) for any expense for which a 
        deduction or credit is allowed to the taxpayer under any other 
        provision of this chapter.
            ``(2) Basis reduction.--For purposes of this title, the 
        basis of any property shall be reduced by the portion of the 
        cost of such property taken into account under subsection (a).
    ``(d) Termination.--This section shall not apply to taxable years 
beginning after December 31, 2012.''.
    (b) Conforming Amendment.--Section 1016(a) of the Internal Revenue 
Code of 1986 is amended by striking ``and'' at the end of paragraph 
(36), by striking the period at the end of paragraph (37) and inserting 
``, and'', and by adding at the end the following new paragraph:
            ``(38) to the extent provided in section 224(c)(2).''.
    (c) Clerical Amendment.--The table of sections for part VII of 
subchapter B of chapter 1 of the Internal Revenue Code of 1986 is 
amended by striking the item relating to section 224 and inserting the 
following new items:

``224. Safe room or storm shelter purchase, construction, and 
                            installation expenses.
``225. Cross reference.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after the date of the enactment of 
this Act.

SEC. 3. COMMUNITY DEVELOPMENT FUND.

    Of amounts made available under the heading ``community development 
fund'' under the heading ``Community Planning and Development'' under 
the heading ``DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT'' under title 
II of the Department of Housing and Urban Development Appropriations 
Act, 2010 (Public Law 111-117; 123 Stat. 3083) and under section 2240 
of the Department of Defense and Full-Year Continuing Appropriations 
Act, 2011 (Public Law 112-10; 125 Stat. 195) and not otherwise 
obligated, $60,000,000 are rescinded.
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