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Managing America: Disaster Tax Relief

TheWeekInCongress.com (TM)

Week Ending June 8, 2007

S.1532 A bill to extend tax relief to the 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 President to warrant individual or individual and public assistance from the Federal Government under such Act.

The tornados that devastated Greenburg, KS prompted this bill that will provide tax relief to individuals and businesses impacted.

Temporary tax relief for Kiowa County and the surrounding area are ordered. The bill authorizing disaster relief is amended to include coverage for storms and tornadoes allowing for victims of those disasters to benefit as victims of other disaster can.

Limitations on personal casualty losses are suspended. Employers are given tax credits for retaining employees. Recovery assistance is applied to property acquired from the day after the storm, May 4, 20007 forward. Tax expensing is extended to clean-up costs. Public utilities impacted is provided. Restrictions on a victims’ use of retirement funds are lifted.

Sponsor:  Senator Pat Roberts (KS)

Vote: Passed Senate by unanimous consent May 25, 2007

Cost to the taxpayers: Cost data forthcoming

Earmark Certification:   Not applicable to this bill.

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