[Congressional Record Volume 153, Number 87 (Friday, May 25, 2007)]
[Senate]
[Pages S6967-S6968]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
KANSAS DISASTER TAX RELIEF ASSISTANCE ACT
Mr. REID. Madam President, I ask unanimous consent that the Senate
proceed to the consideration of S. 1532.
The PRESIDING OFFICER. The clerk will state the bill by title.
The legislative clerk read as follows:
A bill (S. 1532) to extend tax relief to residents and
businesses of an area with respect to which a major disaster
has been declared by the President under section 401 of the
Robert T. Stafford Disaster Relief and Emergency Assistance
Act (FEMA-1699-DR) by reason of severe storms and tornados
beginning on May 4, 2007, and determined by the
[[Page S6968]]
President to warrant individual or individual and public
assistance from the Federal Government under such act.
There being no objection, the Senate proceeded to consider the bill.
Mr. REID. Madam President, one of the things in the bill we passed
last night that was put in by the Democrats was $40 million to take
care of some of the emergency issues in Kansas. That was the right
thing to do. This legislation we are passing now will extend tax relief
to residents and businesses of Greensburg, KS, as a result of that
tornado. I have spoken to Senator Roberts about this. He worked on this
hard and I am glad we were able to satisfy his requests.
Madam President, I ask unanimous consent that the bill be read the
third time, and passed, the motion to reconsider be laid upon the
table, that any statements relating thereto be printed in the Record,
and that the bill now be held at the desk pending action by the House
of Representatives.
The PRESIDING OFFICER. Without objection, it is so ordered.
The bill (S. 1532) was ordered to be engrossed for a third reading,
was read the third time, and passed, as follows:
S. 1532
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 ``Kansas Disaster Tax Relief
Assistance Act''.
SEC. 2. TEMPORARY TAX RELIEF FOR KIOWA COUNTY, KANSAS AND
SURROUNDING AREA.
The following provisions of or relating to the Internal
Revenue Code of 1986 shall apply, in addition to the areas
described in such provisions, to an area with respect to
which a major disaster has been declared by the President
under section 401 of the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (FEMA-1699-DR, as in effect on
the date of the enactment of this Act) by reason of severe
storms and tornados beginning on May 4, 2007, and determined
by the President to warrant individual or individual and
public assistance from the Federal Government under such Act
with respect to damages attributed to such storms and
tornados:
(1) Suspension of certain limitations on personal casualty
losses.--Section 1400S(b)(1) of the Internal Revenue Code of
1986, by substituting ``May 4, 2007'' for ``August 25,
2005''.
(2) Extension of replacement period for nonrecognition of
gain.--Section 405 of the Katrina Emergency Tax Relief Act of
2005, by substituting ``on or after May 4, 2007, by reason of
the May 4, 2007, storms and tornados'' for ``on or after
August 25, 2005, by reason of Hurricane Katrina''.
(3) Employee retention credit for employers affected by may
4 storms and tornados.--Section 1400R(a) of the Internal
Revenue Code of 1986--
(A) by substituting ``May 4, 2007'' for ``August 28, 2005''
each place it appears,
(B) by substituting ``January 1, 2008'' for ``January 1,
2006'' both places it appears, and
(C) only with respect to eligible employers who employed an
average of not more than 200 employees on business days
during the taxable year before May 4, 2007.
(4) Special allowance for certain property acquired on or
after may 5, 2007.--Section 1400N(d) of such Code--
(A) by substituting ``qualified Recovery Assistance
property'' for ``qualified Gulf Opportunity Zone property''
each place it appears,
(B) by substituting ``May 5, 2007'' for ``August 28, 2005''
each place it appears,
(C) by substituting ``December 31, 2008'' for ``December
31, 2007'' in paragraph (2)(A)(v),
(D) by substituting ``December 31, 2009'' for ``December
31, 2008'' in paragraph (2)(A)(v),
(E) by substituting ``May 4, 2007'' for ``August 27, 2005''
in paragraph (3)(A),
(F) by substituting ``January 1, 2009'' for ``January 1,
2008'' in paragraph (3)(B), and
(G) determined without regard to paragraph (6) thereof.
(5) Increase in expensing under section 179.--Section
1400N(e) of such Code, by substituting ``qualified section
179 Recovery Assistance property'' for ``qualified section
179 Gulf Opportunity Zone property'' each place it appears.
(6) Expensing for certain demolition and clean-up costs.--
Section 1400N(f) of such Code--
(A) by substituting ``qualified Recovery Assistance clean-
up cost'' for ``qualified Gulf Opportunity Zone clean-up
cost'' each place it appears, and
(B) by substituting ``beginning on May 4, 2007, and ending
on December 31, 2009'' for ``beginning on August 28, 2005,
and ending on December 31, 2007'' in paragraph (2) thereof.
(7) Treatment of public utility property disaster losses.--
Section 1400N(o) of such Code.
(8) Treatment of net operating losses attributable to storm
losses.--Section 1400N(k) of such Code--
(A) by substituting ``qualified Recovery Assistance loss''
for ``qualified Gulf Opportunity Zone loss'' each place it
appears,
(B) by substituting ``after May 3, 2007, and before on
January 1, 2010'' for ``after August 27, 2005, and before
January 1, 2008'' each place it appears,
(C) by substituting ``May 4, 2007'' for ``August 28, 2005''
in paragraph (2)(B)(ii)(I) thereof,
(D) by substituting ``qualified Recovery Assistance
property'' for ``qualified Gulf Opportunity Zone property''
in paragraph (2)(B)(iv) thereof, and
(E) by substituting ``qualified Recovery Assistance
casualty loss'' for ``qualified Gulf Opportunity Zone
casualty loss'' each place it appears.
(9) Treatment of representations regarding income
eligibility for purposes of qualified rental project
requirements.--Section 1400N(n) of such Code.
(10) Special rules for use of retirement funds.--Section
1400Q of such Code--
(A) by substituting ``qualified Recovery Assistance
distribution'' for ``qualified hurricane distribution'' each
place it appears,
(B) by substituting ``on or after May 4, 2007, and before
January 1, 2009'' for ``on or after August 25, 2005, and
before January 1, 2007'' in subsection (a)(4)(A)(i),
(C) by substituting ``qualified storm distribution'' for
``qualified Katrina distribution'' each place it appears,
(D) by substituting ``after November 4, 2006, and before
May 5, 2007'' for ``after February 28, 2005, and before
August 29, 2005'' in subsection (b)(2)(B)(ii),
(E) by substituting ``beginning on May 4, 2007, and ending
on November 5, 2007'' for ``beginning on August 25, 2005, and
ending on February 28, 2006'' in subsection (b)(3)(A),
(F) by substituting ``qualified storm individual'' for
``qualified Hurricane Katrina individual'' each place it
appears,
(G) by substituting ``December 31, 2007'' for ``December
31, 2006'' in subsection (c)(2)(A),
(H) by substituting ``beginning on June 4, 2007, and ending
on December 31, 2007'' for ``beginning on September 24, 2005,
and ending on December 31, 2006'' in subsection (c)(4)(A)(i),
(I) by substituting ``May 4, 2007'' for ``August 25, 2005''
in subsection (c)(4)(A)(ii), and
(J) by substituting ``January 1, 2008'' for ``January 1,
2007'' in subsection (d)(2)(A)(ii).
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