US Congress Senate Bill 1795 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 8-4)
Status: Introduced on July 16 2015 - 25% progression, died in committee
Action: 2015-07-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

National Disaster Tax Relief Act of 2015 Amends the Internal Revenue Code to provide tax relief for disasters declared in 2012, 2013, 2014, and 2015 by: allowing an election to expense qualified disaster expenses (i.e., for the abatement of hazardous substances, removal of debris, demolition, and repair of business-related property); increasing the tax deduction for charitable contributions for disaster relief for individual and corporate taxpayers; allowing through 2015 the deduction of losses and net operating losses attributable to disasters; allowing waivers of requirements relating to mortgage revenue bonds; extending through 2015 the additional allowance for depreciation of business property (bonus depreciation); allowing an increase through 2015 of the new markets tax credit limitation amount within a federally-declared disaster area; permitting the use of tax-exempt retirement plan funds in federally-declared disasters without penalty; allowing an additional tax exemption for individuals who are displaced as a result of a federally-declared disaster; allowing an exclusion from gross income of imputed income from the cancellation of indebtedness resulting from federally-declared disasters; providing a special rule to allow individuals affected by a disaster in 2012, 2013, 2014, or 2015 to claim a full earned income tax credit; increasing the rehabilitation tax credit for buildings affected by a federally-declared disaster; permitting one additional advance refunding of a tax-exempt bond that is outstanding on the date on which a federally-declared disaster occurs; allowing the issuance of qualified disaster area recovery bonds; allowing an additional allocation of the low-income housing tax credit in 2016 to states affected by a federally-declared disaster occurring in 2012, 2013, 2014, or 2015; allowing payments of disaster assistance to tax-exempt mutual ditch or irrigation companies without affecting their tax-exempt status; allowing an exclusion from gross income for disaster mitigation payments received from state and local governments; allowing a tax deduction for payments to a tax-exempt natural disaster fund; allowing a five-year replacement period for property located in a disaster area for purposes of the exclusion of gain from an involuntary conversion; allowing employers a business-related tax credit for up to 40% of wages paid to employees in a disaster area; and allowing an enhanced tax deduction for medical expenses related to an injury occurring in a disaster area.

National Disaster Tax Relief Act of 2015

Sen. David Vitter [R-LA]	Sen. Charles Schumer [D-NY]	Sen. Bill Cassidy [R-LA]	Sen. Joe Manchin [D-WV]
Sen. Shelley Capito [R-WV]	Sen. Michael Bennet [D-CO]	Sen. Kirsten Gillibrand [D-NY]	Sen. Cory Booker [D-NJ]
Sen. Robert Menendez [D-NJ]	Sen. Benjamin Cardin [D-MD]	Sen. Maria Cantwell [D-WA]	Sen. Thad Cochran [R-MS]

Date	Chamber	Action
2015-07-16	Senate	Read twice and referred to the Committee on Finance.

HB3110 (Same As) 2015-07-16 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/1795/all-info
Text	https://www.congress.gov/114/bills/s1795/BILLS-114s1795is.pdf