[Congressional Record Volume 155, Number 200 (Wednesday, December 23, 2009)]
[Senate]
[Pages S13883-S13884]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRASSLEY:
  S. 2928. A bill to amend the Internal Revenue Code of 1986 to extend 
certain disaster tax relief provisions, and for other purposes; to the 
Committee on Finance.
  Mr. GRASSLEY. Mr. President, today I have introduced a bill to extend 
deadlines for a number of provisions in the Heartland Disaster Tax 
Relief Act of 2008, as well as a number of national disaster tax relief 
provisions, through 2010.
  The Heartland Disaster Tax Relief Act has been critical in rebuilding 
the lives and communities of those affected by the terrible floods and 
tornadoes from last year.
  Because of delays in Federal funding and tighter credit conditions, 
many individuals, families, and businesses affected by the 2008 floods 
and storms will be unable to meet the deadline for the tax relief 
intended to help with recovery.
  Louisiana is still rebuilding from Hurricane Katrina in 2005. 
Congress extended tax incentives for that disaster twice, and might 
even extend them a third time. I am just proposing a second year of the 
same kind of tax incentives that have been in effect for Hurricane 
Katrina victims for over 4 years.
  This is especially important when small businesses are struggling to 
recover, and small businesses create 70 percent of all net new jobs.
  It is only fair to extend the deadlines and give these individuals, 
families, and businesses the chance to recover and rebuild.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2928

       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

[[Page S13884]]

     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.
                                 ______