HR 7006 PCS 
(2) Paragraph (1) of section 172(i) is amended 
by adding at the end the following new flush sen-
tence: 
‘‘Such term shall not include any qualified disaster 
loss (as defined in subsection (j)).’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to net operating losses for taxable 
years beginning after December 31, 2007. 
SEC. 5. WAIVER OF CERTAIN MORTGAGE REVENUE BOND 
REQUIREMENTS FOLLOWING FEDERALLY DE-
CLARED DISASTERS. 
(a) IN GENERAL.—Paragraph (11) of section 143(k) 
is amended to read as follows: 
‘‘(11) SPECIAL
RULES
FOR
FEDERALLY
DE-
CLARED DISASTERS.— 
‘‘(A) 
PRINCIPAL
RESIDENCE
DE-
STROYED.—If the principal residence (within 
the meaning of section 121) of a taxpayer is— 
‘‘(i) rendered unsafe for use as a resi-
dence by reason of a federally declared dis-
aster, or 
‘‘(ii) demolished or relocated by rea-
son of an order of the government of a 
State or political subdivision thereof on ac-
count of a federally declared disaster, 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS
HR 7006 PCS 
then for the 2-year period beginning on the 
date of the disaster declaration, subsection 
(d)(1) shall not apply with respect to such tax-
payer and subsection (e) shall be applied by 
substituting ‘110’ for ‘90’ in paragraph (1) 
thereof. 
‘‘(B) PRINCIPAL RESIDENCE DAMAGED.— 
‘‘(i) IN
GENERAL.—If the principal 
residence (within the meaning of section 
121) of a taxpayer resulting from a feder-
ally declared disaster, was damaged, any 
owner-financing provided in connection 
with the repair or reconstruction of such 
residence shall be treated as a qualified re-
habilitation loan. 
‘‘(ii) 
LIMITATION.—The 
aggregate 
owner-financing to which clause (i) applies 
shall not exceed the lesser of— 
‘‘(I) the cost of such repair or re-
construction, or 
‘‘(II) $150,000. 
‘‘(C) FEDERALLY DECLARED DISASTER.— 
For purposes of this paragraph, the term ‘fed-
erally declared disaster’ has the meaning given 
such term by section 165(h)(3)(C)(i), except 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS
HR 7006 PCS 
that such term shall not include any disaster 
occurring before January 1, 2008, or after De-
cember 31, 2011.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to obligations issued after the 
date of the enactment of this Act. 
SEC. 6. DETERMINATION OF STANDARD MILEAGE RATE 
FOR CHARITABLE CONTRIBUTIONS DEDUC-
TION. 
(a) IN GENERAL.—Subsection (i) of section 170 (re-
lating to standard mileage rate for use of passenger auto-
mobile) is amended by adding at the end the following new 
sentence: ‘‘In the case of the use of a passenger auto-
mobile after the date of the enactment of this sentence 
and before January 1, 2012, the standard mileage rate 
shall be the rate determined by the Secretary, which rate 
shall not be less than the standard mileage rate used for 
purposes of section 213.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to taxable years ending after the 
date of the enactment of this Act. 
SEC. 7. ADDITIONAL LOW INCOME HOUSING ALLOCATIONS. 
(a) IN GENERAL.—Subsection (h) of section 42 of is 
amended by redesignating paragraph (8) as paragraph (9) 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS
HR 7006 PCS 
and by inserting after paragraph (7) the following new 
paragraph: 
‘‘(8) ADDITIONAL
ALLOCATIONS
FOR
DISAS-
TERS.— 
‘‘(A) IN
GENERAL.—In addition to any 
other allocation made under this subsection, the 
Secretary may, upon application by any State, 
make allocations of housing credit dollar 
amounts to such State for allocation to build-
ings in such State consistent with the require-
ments of subparagraph (C). 
‘‘(B) LIMITATIONS.—The aggregate quali-
fied disaster allocations made by the Secretary 
under 
this 
paragraph 
may 
not 
exceed 
$190,000,000. Any allocation which is termi-
nated by the Secretary (by reason of disuse or 
otherwise) shall not be treated as having been 
allocated for purposes of the preceding sen-
tence. 
‘‘(C) DISASTER HOUSING ALLOCATIONS.— 
For purposes of this section— 
‘‘(i) IN GENERAL.—Allocations under 
this paragraph may be made by the Sec-
retary only to States which include a dis-
aster area. 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS
HR 7006 PCS 
‘‘(ii) PRIORITY
FOR
HOUSING
LOSS 
DISASTER
AREAS.—In making allocation 
under this paragraph, the Secretary shall 
give priority to housing loss disaster areas. 
‘‘(iii) LIMITATION TO BUILDINGS LO-
CATED
IN
HOUSING
LOSS
DISASTER 
AREAS.—Any allocation of housing credit 
dollar amounts under this paragraph may 
be allocated by such State (or a housing 
credit agency of such State) only to— 
‘‘(I) buildings located in a dis-
aster area, and 
‘‘(II) in the case of any allocation 
made by reason of a priority under 
clause (ii), buildings located in the 
housing loss disaster area with respect 
to which such priority was given. 
‘‘(iv) PRO RATA ALLOCATIONS.—The 
allocations made by the Secretary under 
this paragraph shall be made ratably over 
the period described in subparagraph (F) 
unless the Secretary determines, on the 
basis of the severity or frequency of disas-
ters, that a different allocation is appro-
priate. 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS
HR 7006 PCS 
‘‘(D) HOUSING
LOSS
DISASTER
AREA.— 
For purposes of this paragraph, the term ‘hous-
ing loss disaster area’ means any county or mu-
nicipality— 
‘‘(i) with respect to which the Gov-
ernor of the State in which such county or 
municipality is located demonstrates to the 
satisfaction of the Secretary that the lesser 
of— 
‘‘(I) 1,000 dwelling units, or 
‘‘(II) 10 percent of the dwelling 
units located in such county or mu-
nicipality, 
have been rendered uninhabitable by rea-
son of damage to or destruction of such 
units caused by a federally declared dis-
aster, and 
‘‘(ii) which is located in a disaster 
area. 
‘‘(E) DEFINITIONS AND SPECIAL RULES.— 
For purposes of this paragraph— 
‘‘(i) 
FEDERALLY
DECLARED
DIS-
ASTER; DISASTER AREA.—The terms ‘‘fed-
erally declared disaster’’ and ‘‘disaster 
VerDate Aug 31 2005 
21:45 Dec 09, 2008
Jkt 079200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H7006.PCS
H7006
hsrobinson on PROD1PC76 with BILLS