I 

113TH CONGRESS 

1ST SESSION H. R. 453 

To provide tax relief with respect to the Hurricane Isaac disaster area. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 4, 2013 

Mr. CASSIDY (for himself and Mr. PALAZZO) introduced the following bill; 

which was referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently 

determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To provide tax relief with respect to the Hurricane Isaac 

disaster area. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Investment Savings 

5 Access After Catastrophes Act of 2013’’. 

6 SEC. 2. HURRICANE ISAAC DISASTER AREA. 

7 For purposes of this Act, the term ‘‘Hurricane Isaac 

8 disaster area’’ means any parish or county of Louisiana 

9 or Mississippi which is (in whole or in part) in the area 


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1 with respect to which a major disaster has been declared 

2 by the President before September 10, 2012, under section 

3 401 of the Robert T. Stafford Disaster Relief and Emer4 gency Assistance Act by reason of Hurricane Isaac. 

5 SEC. 3. SUSPENSION OF PERSONAL CASUALTY LOSS LIMI6 TATIONS. 

7 Paragraphs (1) and (2) of section 165(h) of the In8 ternal Revenue Code of 1986 shall not apply to losses de9 scribed in section 165(c)(3) of such Code which arise in 

10 the Hurricane Isaac disaster area during the 2-year period 

11 beginning on August 26, 2012, and which are attributable 

12 to Hurricane Isaac. In the case of any other losses, section 

13 165(h)(2)(A) of such Code shall be applied without regard 

14 to the losses referred to in the preceding sentence. 

15 SEC. 4. TREATMENT OF NET OPERATING LOSSES ATTRIB16 UTABLE TO HURRICANE ISAAC. 

17 (a) EXTENSION OF CARRYBACK PERIOD.—During 

18 the 2-year period beginning on August 26, 2012, if a por19 tion of any net operating loss of the taxpayer for any tax20 able year is a Hurricane Isaac loss, section 172(b)(1) of 

21 the Internal Revenue Code of 1986 shall be applied with 

22 respect to such portion— 

23 (1) by substituting ‘‘5 taxable years’’ for ‘‘2 

24 taxable years’’ in subparagraph (A)(i) thereof, and 


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1 (2) by not taking such portion into account in 

2 determining any eligible loss of the taxpayer under 

3 subparagraph (F) thereof for the taxable year. 

4 (b) SUSPENSION OF 90-PERCENT AMT LIMITA5 TION.—Section 56(d)(1) of such Code shall be applied by 

6 increasing the amount determined under subparagraph 

7 (A)(ii)(I) thereof by the sum of the carrybacks and 

8 carryovers of any net operating loss attributable to the 

9 portion described in subsection (a). 

10 (c) HURRICANE ISAAC LOSS.—For purposes of this 

11 section— 

12 (1) IN GENERAL.—The term ‘‘Hurricane Isaac 

13 loss’’ means the lesser of— 

14 (A) the excess of— 

15 (i) the net operating loss for such tax16 able year, over 

17 (ii) the specified liability loss for such 

18 taxable year to which a 10-year carryback 

19 applies under section 172(b)(1)(C) of such 

20 Code, or 

21 (B) the amount of any deduction for any 

22 qualified Hurricane Isaac casualty loss to the 

23 extent taken into account in computing the net 

24 operating loss for such taxable year. 


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1 (2) QUALIFIED HURRICANE ISAAC CASUALTY

2 LOSS.— 

3 (A) IN GENERAL.—The term ‘‘qualified 

4 Hurricane Isaac casualty loss’’ means any un5 compensated section 1231 loss (as defined in 

6 section 1231(a)(3)(B) of such Code) of property 

7 located in the Hurricane Isaac disaster area 

8 if— 

9 (i) such loss is allowed as a deduction 

10 under section 165 of such Code for the 

11 taxable year, and 

12 (ii) such loss is by reason of Hurri13 cane Isaac. 

14 (B) APPLICABLE RULES.—For purposes of 

15 subparagraph (A), rules similar to the rules of 

16 subparagraphs (B) and (C) of paragraph (3), 

17 and paragraph (4), of section 1400N(k) of such 

18 Code and shall apply. 

19 SEC. 5. TAX-FAVORED WITHDRAWALS FROM RETIREMENT 

20 PLANS. 

21 (a) IN GENERAL.—A qualified Hurricane Isaac dis22 tribution shall be treated as a qualified hurricane distribu23 tion for purposes of section 1400Q(a) of the Internal Rev24 enue Code of 1986. 


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1 (b) QUALIFIED HURRICANE ISAAC DISTRIBUTION.— 

2 For purposes of subsection (a), the term ‘‘qualified Hurri3 cane Isaac distribution’’ means any distribution from an 

4 eligible retirement plan made on or after August 26, 2012, 

5 and before September 11, 2014, to an individual whose 

6 principal place of abode on August 26, 2012, is located 

7 in the Hurricane Isaac disaster area and who has sus8 tained an economic loss by reason of Hurricane Isaac. 

9 (c) APPLICABLE RULES.—For purposes of this sec10 tion, rules similar to the rules of section 1400Q(a) of such 

11 Code (other than paragraph (4)(A) thereof) shall apply. 

12 SEC. 6. RESCISSION OF UNSPENT AND UNCOMMITTED FED13 ERAL FUNDS. 

14 (a) IN GENERAL.—Notwithstanding any other provi15 sion of law, of all available unobligated Federal funds, an 

16 amount in appropriated discretionary unexpired funds de17 termined by the Director of the Office of Management and 

18 Budget to be equal to the reduction in Federal revenues 

19 by reason of the enactment of this Act is rescinded. 

20 (b) IMPLEMENTATION.—Not later than 60 days after 

21 the date of enactment of this Act, the Director of the Of22 fice of Management and Budget shall— 

23 (1) identify the accounts and amounts rescinded 

24 to implement subsection (a); and 


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1 (2) submit a report to the Secretary of the 

2 Treasury and Congress of the accounts and amounts 

3 identified under paragraph (1) for rescission. 

4 (c) EXCEPTION.—This section shall not apply to the 

5 unobligated Federal funds of the Department of Defense 

6 or the Department of Veterans Affairs. 

Æ 


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