I 
114TH CONGRESS 
2D SESSION 
H. R. 6137 
To provide emergency tax relief for persons affected by severe storms and 
flooding occurring in Louisiana. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 22, 2016 
Mr. BOUSTANY introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To provide emergency tax relief for persons affected by 
severe storms and flooding occurring in Louisiana. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE, ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Louisiana Flood and Storm Devastation Tax Relief Act 
of 2016’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title, etc. 
Sec. 2. Louisiana storm and flood disaster area. 
TITLE I—SPECIAL RULES FOR USE OF RETIREMENT FUNDS FOR 
RELIEF RELATING TO 2016 LOUISIANA STORMS AND FLOODING 
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Sec. 101. Tax-favored withdrawals from retirement plans for relief relating to 
2016 Louisiana storms and flooding. 
Sec. 102. Recontributions of withdrawals for home purchases canceled due to 
the 2016 Louisiana storms and flooding. 
Sec. 103. Loans from qualified plans for relief relating to 2016 Louisiana 
storms and flooding. 
Sec. 104. Provisions relating to plan amendments. 
TITLE II—EMPLOYMENT RELIEF 
Sec. 201. Work opportunity tax credit for Louisiana storm and flood employees. 
Sec. 202. Employee retention credit for employers affected by 2016 Louisiana 
storms and flooding. 
TITLE III—CHARITABLE GIVING INCENTIVES 
Sec. 301. Temporary suspension of limitations on charitable contributions. 
Sec. 302. Additional exemption for housing Louisiana storm and flood displaced 
individuals. 
Sec. 303. Increase in standard mileage rate for charitable use of vehicles. 
Sec. 304. Mileage reimbursements to charitable volunteers excluded from gross 
income. 
Sec. 305. Charitable deduction for contributions of book inventories to public 
schools. 
TITLE IV—ADDITIONAL TAX RELIEF PROVISIONS 
Sec. 401. Exclusions of certain cancellations of indebtedness by reason of 2016 
Louisiana storms and flooding. 
Sec. 402. Suspension of certain limitations on personal casualty losses. 
Sec. 403. Required exercise of authority under section 7508A for tax relief re-
lating to 2016 Louisiana storms and flooding. 
Sec. 404. Special rules for mortgage revenue bonds relating to 2016 Louisiana 
storms and flooding. 
Sec. 405. Extension of replacement period for nonrecognition of gain for prop-
erty located in Louisiana storm and flood disaster area. 
Sec. 406. Special rule for determining earned income. 
Sec. 407. Secretarial authority to make adjustments regarding taxpayer and de-
pendency status. 
Sec. 408. Low-income housing credit. 
Sec. 409. Application of new markets tax credit to investments in community 
development entities serving Louisiana storm and flood disaster 
area. 
Sec. 410. Tax-exempt bond financing. 
Sec. 411. Expensing for certain demolition and clean-up costs. 
Sec. 412. Extension of expensing for environmental remediation costs. 
Sec. 413. Treatment of net operating losses attributable to Louisiana storm 
and flood disaster area losses. 
Sec. 414. Increased expensing for qualified timber property. 
Sec. 415. Disaster loss carryback. 
Sec. 416. Housing relief for individuals affected by Hurricane Katrina. 
SEC. 2. LOUISIANA STORM AND FLOOD DISASTER AREA. 
For purposes of this Act— 
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(1) LOUISIANA STORM AND FLOOD DISASTER 
AREA.—The term ‘‘Louisiana storm and flood dis-
aster area’’ means 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— 
(A) before September 3, 2016, by reason 
of severe storms and flooding occurring in Lou-
isiana during August of 2016, and 
(B) before April 21, 2016, by reason of se-
vere storms and flooding occurring in Louisiana 
during March and April of 2016. 
(2) CORE
DISASTER
AREA.—The term ‘‘core 
disaster area’’ means that portion of the Louisiana 
storm and flood disaster area determined by the 
President to warrant individual or individual and 
public assistance from the Federal Government 
under such Act. 
(3) APPLICABLE
DISASTER
DATE.—The term 
‘‘applicable disaster date’’ means, with respect to 
any Louisiana storm and flood disaster area, the 
date of the first day of the period during which the 
severe storms and flooding giving rise to the Presi-
dential declaration described in paragraph (1) oc-
curred. 
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TITLE I—SPECIAL RULES FOR 
USE OF RETIREMENT FUNDS 
FOR RELIEF RELATING TO 
2016 LOUISIANA STORMS AND 
FLOODING 
SEC. 101. TAX-FAVORED WITHDRAWALS FROM RETIRE-
MENT PLANS FOR RELIEF RELATING TO 2016 
LOUISIANA STORMS AND FLOODING. 
(a) IN GENERAL.—Section 72(t) of the Internal Rev-
enue Code of 1986 shall not apply to any qualified Lou-
isiana storm and flood distribution. 
(b) AGGREGATE DOLLAR LIMITATION.— 
(1) IN GENERAL.—For purposes of this section, 
the aggregate amount of distributions received by an 
individual which may be treated as qualified Lou-
isiana storm and flood distributions for any taxable 
year shall not exceed the excess (if any) of— 
(A) $100,000, over 
(B) the aggregate amounts treated as 
qualified Louisiana storm and flood distribu-
tions received by such individual for all prior 
taxable years. 
(2) TREATMENT OF PLAN DISTRIBUTIONS.—If 
a distribution to an individual would (without regard 
to paragraph (1)) be a qualified Louisiana storm 
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and flood distribution, a plan shall not be treated as 
violating any requirement of the Internal Revenue 
Code of 1986 merely because the plan treats such 
distribution as a qualified Louisiana storm and flood 
distribution, unless the aggregate amount of such 
distributions from all plans maintained by the em-
ployer (and any member of any controlled group 
which includes the employer) to such individual ex-
ceeds $100,000. 
(3) CONTROLLED
GROUP.—For purposes of 
paragraph (2), the term ‘‘controlled group’’ means 
any group treated as a single employer under sub-
section (b), (c), (m), or (o) of section 414 of such 
Code. 
(c) AMOUNT DISTRIBUTED MAY BE REPAID.— 
(1) IN GENERAL.—Any individual who receives 
a qualified Louisiana storm and flood distribution 
may, at any time during the 3-year period beginning 
on the day after the date on which such distribution 
was received, make one or more contributions in an 
aggregate amount not to exceed the amount of such 
distribution to an eligible retirement plan of which 
such individual is a beneficiary and to which a roll-
over contribution of such distribution could be made 
under 
section 
402(c), 
403(a)(4), 
403(b)(8), 
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408(d)(3), or 457(e)(16) of such Code, as the case 
may be. 
(2) TREATMENT OF REPAYMENTS OF DISTRIBU-
TIONS FROM ELIGIBLE RETIREMENT PLANS OTHER 
THAN IRAS.—For purposes of such Code, if a con-
tribution is made pursuant to paragraph (1) with re-
spect to a qualified Louisiana storm and flood dis-
tribution from an eligible retirement plan other than 
an individual retirement plan, then the taxpayer 
shall, to the extent of the amount of the contribu-
tion, be treated as having received the qualified Lou-
isiana storm and flood distribution in an eligible roll-
over distribution (as defined in section 402(c)(4) of 
such Code) and as having transferred the amount to 
the eligible retirement plan in a direct trustee to 
trustee transfer within 60 days of the distribution. 
(3) TREATMENT
OF
REPAYMENTS
FOR
DIS-
TRIBUTIONS
FROM
IRAS.—For purposes of such 
Code, if a contribution is made pursuant to para-
graph (1) with respect to a qualified Louisiana 
storm and flood distribution from an individual re-
tirement plan (as defined by section 7701(a)(37) of 
such Code), then, to the extent of the amount of the 
contribution, the qualified Louisiana storm and flood 
distribution shall be treated as a distribution de-
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scribed in section 408(d)(3) of such Code and as 
having been transferred to the eligible retirement 
plan in a direct trustee to trustee transfer within 60 
days of the distribution. 
(d) DEFINITIONS.—For purposes of this section— 
(1) QUALIFIED LOUISIANA STORM AND FLOOD-
ING
DISTRIBUTION.—Except as provided in sub-
section (b), the term ‘‘qualified Louisiana storm and 
flooding distribution’’ means any distribution from 
an eligible retirement plan made on or after the ap-
plicable disaster date, to an individual whose prin-
cipal residence on or after such date, is located in 
the Louisiana storm and flood disaster area and who 
has sustained an economic loss by reason of the se-
vere storms and flooding giving rise to the Presi-
dential declaration described in section 2(1). 
(2) ELIGIBLE RETIREMENT PLAN.—The term 
‘‘eligible retirement plan’’ shall have the meaning 
given such term by section 402(c)(8)(B) of such 
Code. 
(e) INCOME INCLUSION SPREAD OVER 3-YEAR PE-
RIOD FOR QUALIFIED LOUISIANA STORM AND FLOODING 
DISTRIBUTIONS.— 
(1) IN GENERAL.—In the case of any qualified 
Louisiana storm and flood distribution, unless the 
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taxpayer elects not to have this subsection apply for 
any taxable year, any amount required to be in-
cluded in gross income for such taxable year shall be 
so included ratably over the 3-taxable-year period 
beginning with such taxable year. 
(2) SPECIAL
RULE.—For purposes of para-
graph (1), rules similar to the rules of subparagraph 
(E) of section 408A(d)(3) of such Code shall apply. 
(f) SPECIAL RULES.— 
(1) EXEMPTION
OF
DISTRIBUTIONS
FROM 
TRUSTEE
TO
TRUSTEE
TRANSFER
AND
WITH-
HOLDING
RULES.—For 
purposes 
of 
sections 
401(a)(31), 402(f), and 3405 of such Code, qualified 
Louisiana storm and flood distributions shall not be 
treated as eligible rollover distributions. 
(2) QUALIFIED LOUISIANA STORM AND FLOOD-
ING
DISTRIBUTIONS
TREATED
AS
MEETING
PLAN 
DISTRIBUTION
REQUIREMENTS.—For purposes of 
such Code, a qualified Louisiana storm and flood 
distribution shall be treated as meeting the require-
ments of sections 401(k)(2)(B)(i), 403(b)(7)(A)(ii), 
403(b)(11), and 457(d)(1)(A) of such Code. 
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SEC. 102. RECONTRIBUTIONS OF WITHDRAWALS FOR HOME 
PURCHASES CANCELED DUE TO THE 2016 
LOUISIANA STORMS AND FLOODING. 
(a) RECONTRIBUTIONS.— 
(1) IN GENERAL.—Any individual who received 
a qualified distribution may, during the period be-
ginning on the applicable disaster date, and ending 
on February 28, 2017, make one or more contribu-
tions in an aggregate amount not to exceed the 
amount of such qualified distribution to an eligible 
retirement plan (as defined in section 402(c)(8)(B) 
of the Internal Revenue Code of 1986) of which such 
individual is a beneficiary and to which a rollover 
contribution of such distribution could be made 
under section 402(c), 403(a)(4), 403(b)(8), or 
408(d)(3) of such Code, as the case may be. 
(2) TREATMENT OF REPAYMENTS.—Rules simi-
lar to the rules of paragraphs (2) and (3) of section 
101(c) of this Act shall apply for purposes of this 
section. 
(b) QUALIFIED DISTRIBUTION DEFINED.—For pur-
poses of this section, the term ‘‘qualified distribution’’ 
means any distribution— 
(1) described in section 401(k)(2)(B)(i)(IV), 
403(b)(7)(A)(ii) (but only to the extent such dis-
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tribution 
relates 
to 
financial 
hardship), 
403(b)(11)(B), or 72(t)(2)(F) of such Code, 
(2) received after February 10, 2016, and be-
fore August 11, 2016, and 
(3) which was to be used to purchase or con-
struct a principal residence in the Louisiana storm 
and flood disaster area, but which was not so pur-
chased or constructed on account of the severe 
storms and flooding giving rise to the Presidential 
declaration described in section 2(1). 
SEC. 103. LOANS FROM QUALIFIED PLANS FOR RELIEF RE-
LATING TO 2016 LOUISIANA STORMS AND 
FLOODING. 
(a) INCREASE IN LIMIT ON LOANS NOT TREATED AS 
DISTRIBUTIONS.—In the case of any loan from a qualified 
employer plan (as defined under section 72(p)(4) of the 
Internal Revenue Code of 1986) to a qualified individual 
made after the date of enactment of this Act and before 
January 1, 2018— 
(1) clause (i) of section 72(p)(2)(A) of such 
Code shall be applied by substituting ‘‘$100,000’’ 
for ‘‘$50,000’’, and 
(2) clause (ii) of such section shall be applied 
by substituting ‘‘the present value of the nonforfeit-
able accrued benefit of the employee under the plan’’ 
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for ‘‘one-half of the present value of the nonforfeit-
able accrued benefit of the employee under the 
plan’’. 
(b) DELAY OF REPAYMENT.—In the case of a quali-
fied individual with an outstanding loan on or after the 
date that is 5 days before the applicable disaster date, 
from a qualified employer plan (as defined in section 
72(p)(4) of such Code)— 
(1) if the due date pursuant to subparagraph 
(B) or (C) of section 72(p)(2) of such Code for any 
repayment with respect to such loan occurs during 
the period beginning on the date that is 5 days be-
fore the applicable disaster date, and ending on De-
cember 31, 2017, such due date shall be delayed for 
1 year, 
(2) any subsequent repayments with respect to 
any such loan shall be appropriately adjusted to re-
flect the delay in the due date under paragraph (1) 
and any interest accruing during such delay, and 
(3) in determining the 5-year period and the 
term of a loan under subparagraph (B) or (C) of 
section 72(p)(2) of such Code, the period described 
in paragraph (1) shall be disregarded. 
(c) QUALIFIED INDIVIDUAL.—For purposes of this 
section, the term ‘‘qualified individual’’ means an indi-
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vidual whose principal place of abode on the date that is 
5 days before the applicable disaster date, is located in 
the Louisiana storm and flood disaster area and who has 
sustained an economic loss by reason of the severe storms 
and flooding giving rise to the Presidential declaration de-
scribed in section 2(1). 
SEC. 104. PROVISIONS RELATING TO PLAN AMENDMENTS. 
(a) IN GENERAL.—If this section applies to any 
amendment to any plan or annuity contract, such plan or 
contract shall be treated as being operated in accordance 
with the terms of the plan during the period described in 
subsection (b)(2)(A). 
(b) AMENDMENTS TO WHICH SECTION APPLIES.— 
(1) IN GENERAL.—This section shall apply to 
any amendment to any plan or annuity contract 
which is made— 
(A) pursuant to any amendment made by 
this title, or pursuant to any regulation issued 
by the Secretary of the Treasury or the Sec-
retary of Labor under this title, and 
(B) on or before the last day of the first 
plan year beginning on or after January 1, 
2018, or such later date as the Secretary of the 
Treasury may prescribe. 
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In the case of a governmental plan (as defined in 
section 414(d) of the Internal Revenue Code of 
1986), subparagraph (B) shall be applied by sub-
stituting the date which is 2 years after the date 
otherwise applied under subparagraph (B). 
(2) CONDITIONS.—This section shall not apply 
to any amendment unless— 
(A) during the period— 
(i) beginning on the date the legisla-
tive or regulatory amendment described in 
paragraph (1)(A) takes effect (or in the 
case of a plan or contract amendment not 
required by such legislative or regulatory 
amendment, the effective date specified by 
the plan), and 
(ii) ending on the date described in 
paragraph (1)(B) (or, if earlier, the date 
the plan or contract amendment is adopt-
ed), 
the plan or contract is operated as if such plan 
or contract amendment were in effect, and 
(B) such plan or contract amendment ap-
plies retroactively for such period. 
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TITLE II—EMPLOYMENT RELIEF 
SEC. 201. WORK OPPORTUNITY TAX CREDIT FOR LOU-
ISIANA STORM AND FLOOD EMPLOYEES. 
(a) IN GENERAL.—For purposes of section 51 of the 
Internal Revenue Code of 1986, a Louisiana storm and 
flood employee shall be treated as a member of a targeted 
group. 
(b) LOUISIANA STORM AND FLOOD EMPLOYEE.— 
For purposes of this section, the term ‘‘Louisiana storm 
and flood employee’’ means— 
(1) any individual who on the applicable dis-
aster date, had a principal place of abode in the core 
disaster area and who is hired during the 2-year pe-
riod beginning on such date for a position the prin-
cipal place of employment of which is located in the 
core disaster area, and 
(2) any individual who on such date had a prin-
cipal place of abode in the core disaster area, who 
is displaced from such abode by reason of the severe 
storms and flooding giving rise to the Presidential 
declaration described in section 2(1), and who is 
hired during the period beginning on such date and 
ending on December 31, 2016. 
(c) REASONABLE IDENTIFICATION ACCEPTABLE.—In 
lieu of the certification requirement under section 
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51(d)(12)(A) of such Code, an individual may provide to 
the employer reasonable evidence that the individual is a 
Louisiana storm and flood employee, and subparagraph 
(B) of such section shall be applied as if such evidence 
were a certification described in such subparagraph. 
(d) SPECIAL RULES FOR DETERMINING CREDIT.— 
For purposes of applying subpart F of part IV of sub-
chapter A of chapter 1 of such Code to wages paid or in-
curred to any Louisiana storm and flood employee— 
(1) section 51(c)(4) of such Code shall not 
apply, and 
(2) section 51(i)(2) of such Code shall not 
apply with respect to the first hire of such employee 
as a Louisiana storm and flood employee, unless 
such employee was an employee of the employer on 
the applicable disaster date. 
SEC. 202. EMPLOYEE RETENTION CREDIT FOR EMPLOYERS 
AFFECTED BY 2016 LOUISIANA STORMS AND 
FLOODING. 
(a) IN GENERAL.—In the case of an eligible em-
ployer, there shall be allowed as a credit against the tax 
imposed by chapter 1 of the Internal Revenue Code of 
1986 for the taxable year an amount equal to 40 percent 
of the qualified wages with respect to each eligible em-
ployee of such employer for such taxable year. For pur-
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poses of the preceding sentence, the amount of qualified 
wages which may be taken into account with respect to 
any individual shall not exceed $6,000. 
(b) DEFINITIONS.—For purposes of this section— 
(1) ELIGIBLE EMPLOYER.—The term ‘‘eligible 
employer’’ means any employer— 
(A) which conducted an active trade or 
business on the applicable disaster date, in a 
core disaster area, and 
(B) with respect to whom the trade or 
business described in subparagraph (A) is inop-
erable on or after the applicable disaster date, 
and before January 1, 2017, as a result of 
damage sustained by reason of the severe 
storms and flooding giving rise to the Presi-
dential declaration described in section 2(1). 
(2) ELIGIBLE EMPLOYEE.—The term ‘‘eligible 
employee’’ means with respect to an eligible em-
ployer an employee whose principal place of employ-
ment on the applicable disaster date, with such eligi-
ble employer was in a core disaster area. 
(3) QUALIFIED WAGES.—The term ‘‘qualified 
wages’’ means wages (as defined in section 51(c)(1) 
of such Code, but without regard to section 
3306(b)(2)(B) of such Code) paid or incurred by an 
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eligible employer with respect to an eligible employee 
on or after the applicable disaster date, and before 
January 1, 2017, which occurs during the period— 
(A) beginning on the date on which the 
trade or business described in paragraph (1) 
first became inoperable at the principal place of 
employment of the employee immediately before 
the severe storms and flooding giving rise to the 
Presidential declaration described in section 
2(1), and 
(B) ending on the date on which such 
trade or business has resumed significant oper-
ations at such principal place of employment. 
Such term shall include wages paid without regard 
to whether the employee performs no services, per-
forms services at a different place of employment 
than such principal place of employment, or per-
forms services at such principal place of employment 
before significant operations have resumed. 
(c) CREDIT
NOT
ALLOWED
FOR
LARGE
BUSI-
NESSES.—The term ‘‘eligible employer’’ shall not include 
any trade or business for any taxable year if such trade 
or business employed an average of more than 200 em-
ployees on business days during the taxable year. 
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(d) CERTAIN RULES TO APPLY.—For purposes of 
this section, rules similar to the rules of sections 51(i)(1), 
52, and 280C(a) of such Code shall apply. 
(e) EMPLOYEE NOT TAKEN INTO ACCOUNT MORE 
THAN ONCE.—An employee shall not be treated as an eli-
gible employee for purposes of this section for any period 
with respect to any employer if such employer is allowed 
a credit under section 51 of such Code with respect to 
such employee for such period. 
(f) CREDIT TO BE PART OF GENERAL BUSINESS 
CREDIT.—The credit allowed under this section shall be 
added to the current year business credit under section 
38(b) of such Code and shall be treated as a credit allowed 
under subpart D of part IV of subchapter A of chapter 
1 of such Code. 
TITLE III—CHARITABLE GIVING 
INCENTIVES 
SEC. 301. TEMPORARY SUSPENSION OF LIMITATIONS ON 
CHARITABLE CONTRIBUTIONS. 
(a) IN GENERAL.—Except as otherwise provided in 
subsection (b), section 170(b) of the Internal Revenue 
Code of 1986 shall not apply to qualified contributions and 
such contributions shall not be taken into account for pur-
poses of applying subsections (b) and (d) of section 170 
of such Code to other contributions. 
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(b) TREATMENT OF EXCESS CONTRIBUTIONS.—For 
purposes of section 170 of such Code— 
(1) INDIVIDUALS.—In the case of an indi-
vidual— 
(A) LIMITATION.—Any qualified contribu-
tion shall be allowed only to the extent that the 
aggregate of such contributions does not exceed 
the excess of the taxpayer’s contribution base 
(as defined in subparagraph (F) of section 
170(b)(1) of such Code) over the amount of all 
other charitable contributions allowed under 
such section 170(b)(1). 
(B) 
CARRYOVER.—If 
the 
aggregate 
amount of qualified contributions made in the 
contribution year (within the meaning of section 
170(d)(1) of such Code) exceeds the limitation 
of subparagraph (A), such excess shall be added 
to the excess described in the portion of sub-
paragraph (A) of such section which precedes 
clause (i) thereof for purposes of applying such 
section. 
(2) CORPORATIONS.—In the case of a corpora-
tion— 
(A) LIMITATION.—Any qualified contribu-
tion shall be allowed only to the extent that the 
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aggregate of such contributions does not exceed 
the excess of the taxpayer’s taxable income (as 
determined under paragraph (2) of section 
170(b) of such Code) over the amount of all 
other charitable contributions allowed under 
such paragraph. 
(B) CARRYOVER.—Rules similar to the 
rules of paragraph (1)(B) shall apply for pur-
poses of this paragraph. 
(c) EXCEPTION
TO
OVERALL
LIMITATION
ON 
ITEMIZED DEDUCTIONS.—So much of any deduction al-
lowed under section 170 of such Code as does not exceed 
the qualified contributions paid during the taxable year 
shall not be treated as an itemized deduction for purposes 
of section 68 of such Code. 
(d) QUALIFIED CONTRIBUTIONS.— 
(1) IN GENERAL.—For purposes of this section, 
the term ‘‘qualified contribution’’ means any chari-
table contribution (as defined in section 170(c) of 
such Code)— 
(A) paid during the period beginning on 
the applicable disaster date, and ending on De-
cember 31, 2016, in cash to an organization de-
scribed in section 170(b)(1)(A) of such Code 
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(other than an organization described in section 
509(a)(3) of such Code), 
(B) in the case of a contribution paid by 
a corporation, such contribution is for relief ef-
forts related to the severe storms and flooding 
giving rise to the Presidential declaration de-
scribed in section 2(1), and 
(C) with respect to which the taxpayer has 
elected the application of this section. 
(2) EXCEPTION.—Such term shall not include a 
contribution if the contribution is for establishment 
of a new, or maintenance in an existing, segregated 
fund or account with respect to which the donor (or 
any person appointed or designated by such donor) 
has, or reasonably expects to have, advisory privi-
leges with respect to distributions or investments by 
reason of the donor’s status as a donor. 
(3) APPLICATION OF ELECTION TO PARTNER-
SHIPS AND S CORPORATIONS.—In the case of a part-
nership or S corporation, the election under para-
graph (1)(C) shall be made separately by each part-
ner or shareholder. 
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SEC. 302. ADDITIONAL EXEMPTION FOR HOUSING LOU-
ISIANA STORM AND FLOOD DISPLACED INDI-
VIDUALS. 
(a) IN GENERAL.—In the case of taxable years of a 
natural person beginning in 2016 or 2017, for purposes 
of the Internal Revenue Code of 1986, taxable income 
shall be reduced by $600 for each Louisiana storm and 
flood displaced individual of the taxpayer for the taxable 
year. 
(b) LIMITATIONS.— 
(1) DOLLAR LIMITATION.—The reduction under 
subsection (a) shall not exceed $2,500, reduced by 
the amount of the reduction under this section for 
all prior taxable years. 
(2) INDIVIDUALS TAKEN INTO ACCOUNT ONLY 
ONCE.—An individual shall not be taken into ac-
count under subsection (a) if such individual was 
taken into account under such subsection by the tax-
payer for any prior taxable year. 
(3) IDENTIFYING
INFORMATION
REQUIRED.— 
An individual shall not be taken into account under 
subsection (a) for a taxable year unless the taxpayer 
identification number of such individual is included 
on the return of the taxpayer for such taxable year. 
(c) LOUISIANA STORM AND FLOOD DISPLACED INDI-
VIDUAL.—For purposes of this section, the term ‘‘Lou-
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isiana storm and flood displaced individual’’ means, with 
respect to any taxpayer for any taxable year, any natural 
person if— 
(1) such person’s principal place of abode on 
the applicable disaster date, was in the Louisiana 
storm and flood disaster area, 
(2)(A) in the case of such an abode located in 
the core disaster area, such person is displaced from 
such abode, or 
(B) in the case of such an abode located outside 
of the core disaster area, such person is displaced 
from such abode, and— 
(i) such abode was damaged by the severe 
storms and flooding giving rise to the Presi-
dential declaration described in section 2(1), or 
(ii) such person was evacuated from such 
abode by reason of such storms and flooding, 
and 
(3) such person is provided housing free of 
charge by the taxpayer in the principal residence of 
the taxpayer for a period of 60 consecutive days 
which ends in such taxable year. 
Such term shall not include the spouse or any dependent 
of the taxpayer. 
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(d) COMPENSATION FOR HOUSING.—No deduction 
shall be allowed under this section if the taxpayer receives 
any rent or other amount (from any source) in connection 
with the providing of such housing. 
SEC. 303. INCREASE IN STANDARD MILEAGE RATE FOR 
CHARITABLE USE OF VEHICLES. 
Notwithstanding section 170(i) of the Internal Rev-
enue Code of 1986, for purposes of computing the deduc-
tion under section 170 of such Code for use of a vehicle 
described in subsection (f)(12)(E)(i) of such section for 
provision of relief during the period beginning on the ap-
plicable disaster date, and ending on December 31, 2017, 
and related to the severe storms and flooding giving rise 
to the Presidential declaration described in section 2(1), 
the standard mileage rate shall be 70 percent of the stand-
ard mileage rate in effect under section 162(a) of such 
Code at the time of such use. Any increase under this sec-
tion shall be rounded to the next highest cent. 
SEC. 304. MILEAGE REIMBURSEMENTS TO CHARITABLE 
VOLUNTEERS EXCLUDED FROM GROSS IN-
COME. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986, gross income of an individual for tax-
able years ending on or after the applicable disaster date, 
does not include amounts received, from an organization 
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described in section 170(c) of such Code, as reimburse-
ment of operating expenses with respect to use of a pas-
senger automobile for the benefit of such organization in 
connection with providing relief during the period begin-
ning on the applicable disaster date, and ending on De-
cember 31, 2017, and relating to the severe storms and 
flooding giving rise to the Presidential declaration de-
scribed in section 2(1). The preceding sentence shall apply 
only to the extent that the expenses which are reimbursed 
would be deductible under chapter 1 of such Code if sec-
tion 274(d) of such Code were applied— 
(1) by using the standard business mileage rate 
in effect under section 162(a) at the time of such 
use, and 
(2) as if the individual were an employee of an 
organization not described in section 170(c) of such 
Code. 
(b) 
APPLICATION
TO
VOLUNTEER
SERVICES 
ONLY.—Subsection (a) shall not apply with respect to any 
expenses relating to the performance of services for com-
pensation. 
(c) NO DOUBLE BENEFIT.—No deduction or credit 
shall be allowed under any other provision of such Code 
with respect to the expenses excludable from gross income 
under subsection (a). 
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SEC. 305. CHARITABLE DEDUCTION FOR CONTRIBUTIONS 
OF BOOK INVENTORIES TO PUBLIC SCHOOLS. 
(a) IN GENERAL.—Section 170(e)(3)(D)(iv) of the 
Internal Revenue Code of 1986 is amended to read as fol-
lows: 
‘‘(i) TERMINATION.—This subpara-
graph shall not apply to contributions 
made— 
‘‘(I) after December 31, 2016, 
and before the applicable disaster date 
(as defined in section 2(3) of the Lou-
isiana Flood and Storm Devastation 
Tax Relief Act of 2016), or 
‘‘(II) after December 31, 2016.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to contributions made on or after 
the applicable disaster date, in taxable years ending after 
such date. 
TITLE IV—ADDITIONAL TAX 
RELIEF PROVISIONS 
SEC. 401. EXCLUSIONS OF CERTAIN CANCELLATIONS OF IN-
DEBTEDNESS BY REASON OF 2016 LOUISIANA 
STORMS AND FLOODING. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986, gross income shall not include any 
amount which (but for this section) would be includible 
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in gross income by reason of the discharge (in whole or 
in part) of indebtedness of a natural person described in 
subsection (b) by an applicable entity (as defined in sec-
tion 6050P(c)(1) of such Code). 
(b) PERSONS DESCRIBED.—A natural person is de-
scribed in this subsection if the principal place of abode 
of such person on the applicable disaster date, was lo-
cated— 
(1) in the core disaster area, or 
(2) in the Louisiana storm and flood disaster 
area (but outside the core disaster area) and such 
person suffered economic loss by reason of the se-
vere storms and flooding giving rise to the Presi-
dential declaration described in section 2(1). 
(c) EXCEPTIONS.— 
(1) BUSINESS INDEBTEDNESS.—Subsection (a) 
shall not apply to any indebtedness incurred in con-
nection with a trade or business. 
(2) REAL PROPERTY OUTSIDE CORE DISASTER 
AREA.—Subsection (a) shall not apply to any dis-
charge of indebtedness to the extent that real prop-
erty constituting security for such indebtedness is lo-
cated outside of the Louisiana storm and flood dis-
aster area. 
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(d) DENIAL OF DOUBLE BENEFIT.—For purposes of 
the Internal Revenue Code of 1986, the amount excluded 
from gross income under subsection (a) shall be treated 
in the same manner as an amount excluded under section 
108(a) of such Code. 
(e) EFFECTIVE DATE.—This section shall apply to 
discharges made on or after the applicable disaster date, 
and before January 1, 2018. 
SEC. 402. SUSPENSION OF CERTAIN LIMITATIONS ON PER-
SONAL CASUALTY LOSSES. 
Paragraphs (1) and (2)(A) of section 165(h) of the 
Internal Revenue Code of 1986 shall not apply to losses 
described in section 165(c)(3) of such Code which arise 
in the Louisiana storm and flood disaster area on or after 
the applicable disaster date, and which are attributable to 
the severe storms and flooding giving rise to the Presi-
dential declaration described in section 2(1). In the case 
of any other losses, section 165(h)(2)(A) of such Code 
shall be applied without regard to the losses referred to 
in the preceding sentence. 
SEC. 403. REQUIRED EXERCISE OF AUTHORITY UNDER SEC-
TION 7508A FOR TAX RELIEF RELATING TO 
2016 LOUISIANA STORMS AND FLOODING. 
(a) IN GENERAL.—In the case of any taxpayer deter-
mined by the Secretary of the Treasury to be affected by 
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the Presidentially declared disaster relating to the severe 
storms and flooding giving rise to the Presidential declara-
tion described in section 2(1), any relief provided by the 
Secretary of the Treasury under section 7508A of the In-
ternal Revenue Code of 1986 shall be for a period ending 
not earlier than February 10, 2017, and shall be treated 
as applying to the filing of returns relating to, and the 
payment of, employment and excise taxes. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply for any period for performing 
an act which has not expired before the applicable disaster 
date. 
SEC. 404. SPECIAL RULES FOR MORTGAGE REVENUE 
BONDS 
RELATING 
TO 
2016 
LOUISIANA 
STORMS AND FLOODING. 
(a) IN GENERAL.—In the case of financing provided 
with respect to a qualified Louisiana storm and flood re-
covery residence, section 143(d) of the Internal Revenue 
Code of 1986 shall be applied as if such residence were 
a targeted area residence. 
(b) QUALIFIED LOUISIANA STORMS AND FLOODING 
RECOVERY RESIDENCE.—For purposes of this section, the 
term ‘‘qualified Louisiana storm and flood recovery resi-
dence’’ means— 
(1) any residence in the core disaster area, and 
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(2) any other residence if— 
(A) such other residence is located in the 
same State as the principal residence referred 
to in subparagraph (B), and 
(B) the mortgagor with respect to such 
other residence owned a principal residence on 
the applicable disaster date, which— 
(i) was located in the Louisiana storm 
and flood disaster area, and 
(ii) was rendered uninhabitable by 
reason of the severe storms and flooding 
giving rise to the Presidential declaration 
described in section 2(1). 
(c) SPECIAL
RULE
FOR
HOME
IMPROVEMENT 
LOANS.—In the case of any loan with respect to a resi-
dence in the Louisiana storm and flood disaster area, sec-
tion 143(k)(4) of such Code shall be applied by sub-
stituting $150,000 for the dollar amount contained there-
in to the extent such loan is for the repair of damage by 
reason of the severe storms and flooding giving rise to the 
Presidential declaration described in section 2(1). 
(d) APPLICATION.—Subsection (a) shall not apply to 
financing provided after December 31, 2018. 
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SEC. 405. EXTENSION OF REPLACEMENT PERIOD FOR NON-
RECOGNITION OF GAIN FOR PROPERTY LO-
CATED IN LOUISIANA STORM AND FLOOD 
DISASTER AREA. 
Section 1033(a)(2)(B)(i) of the Internal Revenue 
Code of 1986 shall be applied by substituting ‘‘5 years’’ 
for ‘‘2 years’’ with respect to property in the Louisiana 
storm and flood disaster area which is compulsorily or in-
voluntarily converted on or after the applicable disaster 
date, by reason of the severe storms and flooding giving 
rise to the Presidential declaration described in section 
2(1), but only if substantially all of the use of the replace-
ment property is in such area. 
SEC. 406. SPECIAL RULE FOR DETERMINING EARNED IN-
COME. 
(a) IN GENERAL.—In the case of a qualified indi-
vidual, if the earned income of the taxpayer for the taxable 
year which includes the applicable disaster date, is less 
than the earned income of the taxpayer for the preceding 
taxable year, the credits allowed under sections 24(d) and 
32 of the Internal Revenue Code of 1986 may, at the elec-
tion of the taxpayer, be determined by substituting— 
(1) such earned income for the preceding tax-
able year, for 
(2) such earned income for the taxable year 
which includes the applicable disaster date. 
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(b) QUALIFIED INDIVIDUAL.—For purposes of this 
section, the term ‘‘qualified individual’’ means any indi-
vidual whose principal place of abode on the applicable dis-
aster date, was located— 
(1) in the core disaster area, or 
(2) in the Louisiana storm and flood disaster 
area (but outside the core disaster area) and such 
individual was displaced from such principal place of 
abode by reason of the severe storms and flooding 
giving rise to the Presidential declaration described 
in section 2(1). 
(c) EARNED INCOME.—For purposes of this section, 
the term ‘‘earned income’’ has the meaning given such 
term under section 32(c) of such Code. 
(d) SPECIAL RULES.— 
(1) APPLICATION
TO
JOINT
RETURNS.—For 
purposes of subsection (a), in the case of a joint re-
turn for a taxable year which includes the applicable 
disaster date— 
(A) such subsection shall apply if either 
spouse is a qualified individual, and 
(B) the earned income of the taxpayer for 
the preceding taxable year shall be the sum of 
the earned income of each spouse for such pre-
ceding taxable year. 
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(2) UNIFORM
APPLICATION
OF
ELECTION.— 
Any election made under subsection (a) shall apply 
with respect to both section 24(d) and section 32 of 
such Code. 
(3) ERRORS
TREATED
AS
MATHEMATICAL 
ERROR.—For purposes of section 6213 of such 
Code, an incorrect use on a return of earned income 
pursuant to subsection (a) shall be treated as a 
mathematical or clerical error. 
(4) NO EFFECT ON DETERMINATION OF GROSS 
INCOME, ETC.—Except as otherwise provided in this 
section, the Internal Revenue Code of 1986 shall be 
applied without regard to any substitution under 
subsection (a). 
SEC. 407. SECRETARIAL AUTHORITY TO MAKE ADJUST-
MENTS REGARDING TAXPAYER AND DEPEND-
ENCY STATUS. 
With respect to taxable years beginning in 2016 or 
2017, the Secretary of the Treasury or the Secretary’s del-
egate may make such adjustments in the application of 
the internal revenue laws as may be necessary to ensure 
that taxpayers do not lose any deduction or credit or expe-
rience a change of filing status by reason of temporary 
relocations by reason of the severe storms and flooding 
giving rise to the Presidential declaration described in sec-
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tion 2(1). Any adjustments made under the preceding sen-
tence shall ensure that an individual is not taken into ac-
count by more than one taxpayer with respect to the same 
tax benefit. 
SEC. 408. LOW-INCOME HOUSING CREDIT. 
(a) 
ADDITIONAL
HOUSING
CREDIT
DOLLAR 
AMOUNT.— 
(1) IN GENERAL.—For purposes of section 42 
of the Internal Revenue Code of 1986, in the case 
of calendar years 2017, 2018, and 2019, the State 
housing credit ceiling of Louisiana shall be increased 
by the lesser of— 
(A) the aggregate housing credit dollar 
amount allocated by the State housing credit 
agency of Louisiana to buildings located in the 
Louisiana storm and flood disaster area for 
such calendar year, or 
(B) the Louisiana storm and flood housing 
amount for such State for such calendar year. 
(2) LOUISIANA
STORM
AND
FLOOD
HOUSING 
AMOUNT.—For purposes of paragraph (1), the term 
‘‘Louisiana storm and flood housing amount’’ 
means, for any calendar year, the amount equal to 
the product of $18.00 multiplied by the portion of 
the Louisiana population which is in the Louisiana 
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storm and flood disaster area (as determined on the 
basis of the most recent census estimate of resident 
population released by the Bureau of the Census be-
fore August 28, 2016). 
(3) ALLOCATIONS
TREATED
AS
MADE
FIRST 
FROM ADDITIONAL ALLOCATION AMOUNT FOR PUR-
POSES
OF
DETERMINING
CARRYOVER.—For pur-
poses of determining the unused State housing cred-
it ceiling under section 42(h)(3)(C) of such Code for 
any calendar year, any increase in the State housing 
credit ceiling under paragraph (1) shall be treated 
as an amount described in clause (ii) of such section. 
(b) ADDITIONAL HOUSING CREDIT DOLLAR AMOUNT 
FOR LOUISIANA.—For purposes of section 42 of such 
Code, in the case of calendar year 2017, the State housing 
credit ceiling of Louisiana shall each be increased by 
$3,500,000. 
(c) DIFFICULT DEVELOPMENT AREA.— 
(1) IN GENERAL.—For purposes of section 42 
of such Code, in the case of property placed in serv-
ice during the period beginning on January 1, 2017, 
and ending on December 31, 2021, the Louisiana 
storm and flood disaster area— 
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(A) shall be treated as difficult develop-
ment areas designated under subclause (I) of 
section 42(d)(5)(B)(iii) of such Code, and 
(B) shall not be taken into account for 
purposes of applying the limitation under sub-
clause (II) of such section. 
(2) APPLICATION.—Paragraph (1) shall apply 
only to— 
(A) housing credit dollar amounts allocated 
during the period beginning on January 1, 
2017, and ending on December 31, 2019, and 
(B) buildings placed in service during the 
period described in paragraph (1) to the extent 
that paragraph (1) of section 42(h) does not 
apply to any building by reason of paragraph 
(4) thereof, but only with respect to bonds 
issued after December 31, 2016. 
(d) SPECIAL RULE FOR APPLYING INCOME TESTS.— 
In the case of property placed in service— 
(1) during 2017, 2018, or 2019, 
(2) in the Louisiana storm and flood disaster 
area, and 
(3) in a nonmetropolitan area (as defined in 
section 42(d)(5)(B)(iv)(IV)), 
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section 42 of such Code shall be applied by substituting 
‘‘national nonmetropolitan median gross income (deter-
mined under rules similar to the rules of section 
142(d)(2)(B))’’ for ‘‘area median gross income’’ in sub-
paragraphs (A) and (B) of section 42(g)(1) of such Code. 
(e) DEFINITIONS.—Any term used in this section 
which is also used in section 42 shall have the same mean-
ing as when used in such section. 
SEC. 409. APPLICATION OF NEW MARKETS TAX CREDIT TO 
INVESTMENTS 
IN 
COMMUNITY 
DEVELOP-
MENT ENTITIES SERVING LOUISIANA STORM 
AND FLOOD DISASTER AREA. 
For purposes of section 45D of the Internal Revenue 
Code of 1986— 
(1) a qualified community development entity 
shall be eligible for an allocation under subsection 
(f)(2) thereof of the increase in the new markets tax 
credit limitation described in paragraph (2) only if 
a significant mission of such entity is the recovery 
and redevelopment of the Louisiana storm and flood 
disaster area, 
(2) the new markets tax credit limitation other-
wise determined under subsection (f)(1) thereof shall 
be increased by an amount equal to— 
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(A) $300,000,000 for 2016 and 2017, to 
be allocated among qualified community devel-
opment entities to make qualified low-income 
community investments within the Louisiana 
storm and flood disaster area, and 
(B) $400,000,000 for 2018, to be so allo-
cated, and 
(3) subsection (f)(3) thereof shall be applied 
separately with respect to the amount of the increase 
under paragraph (2). 
SEC. 410. TAX-EXEMPT BOND FINANCING. 
(a) IN GENERAL.—For purposes of the Internal Rev-
enue Code of 1986— 
(1) any qualified Louisiana storm and flood dis-
aster area bond described in paragraph (2)(A)(i) 
shall be treated as an exempt facility bond, and 
(2) any qualified Louisiana storm and flood dis-
aster area bond described in paragraph (2)(A)(ii) 
shall be treated as a qualified mortgage bond. 
(b) QUALIFIED LOUISIANA STORM AND FLOOD DIS-
ASTER AREA BOND.—For purposes of this subsection, the 
term ‘‘qualified Louisiana storm and flood disaster area 
bond’’ means any bond issued as part of an issue if— 
(1)(A) 95 percent or more of the net proceeds 
(as defined in section 150(a)(3) of such Code) of 
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such issue are to be used for qualified project costs, 
or 
(B) such issue meets the requirements of a 
qualified mortgage issue, except as otherwise pro-
vided in this subsection, 
(2) such bond is issued by Louisiana, or any 
political subdivision thereof, 
(3) such bond is designated for purposes of this 
section by— 
(A) in the case of a bond which is required 
under State law to be approved by the bond 
commission of Louisiana, such bond commis-
sion, and 
(B) in the case of any other bond, the Gov-
ernor of Louisiana, 
(4) such bond is issued after the date of the en-
actment of this section and before January 1, 2023, 
and 
(5) no portion of the proceeds of such issue is 
to be used to provide any property described in sec-
tion 144(c)(6)(B) of such Code. 
(c) LIMITATION ON BONDS.— 
(1) AGGREGATE
AMOUNT
DESIGNATED.—The 
maximum aggregate face amount of bonds which 
may be designated under this subsection with re-
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spect to any State shall not exceed the product of 
$2,500 multiplied by the portion of the Louisiana 
population which is in the Louisiana storm and flood 
disaster area (as determined on the basis of the 
most recent census estimate of resident population 
released by the Bureau of the Census before August 
28, 2016). 
(2) MOVABLE PROPERTY.—No bonds shall be 
issued which are to be used for movable fixtures and 
equipment. 
(d) QUALIFIED PROJECT COSTS.—For purposes of 
this subsection, the term ‘‘qualified project costs’’ 
means— 
(1) the cost of any qualified residential rental 
project (as defined in section 142(d) of such Code) 
located in the Louisiana storm and flood disaster 
area, and 
(2) the cost of acquisition, construction, recon-
struction, and renovation of— 
(A) nonresidential real property (including 
fixed improvements associated with such prop-
erty) located in the Louisiana storm and flood 
disaster area, and 
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(C) by applying subsection (f)(3) thereof 
without regard to subparagraph (A) thereof, 
and 
(D) 
by 
substituting 
‘‘$150,000’’ 
for 
‘‘$15,000’’ in subsection (k)(4) thereof. 
(3) Except as provided in section 143 of such 
Code, repayments of principal on financing provided 
by the issue of which such bond is a part may not 
be used to provide financing. 
(4) Section 146 of such Code (relating to vol-
ume cap) shall not apply. 
(5) Section 147(d)(2) of such Code (relating to 
acquisition of existing property not permitted) shall 
be applied by substituting ‘‘50 percent’’ for ‘‘15 per-
cent’’ each place it appears. 
(6) Section 148(f)(4)(C) of such Code (relating 
to exception from rebate for certain proceeds to be 
used to finance construction expenditures) shall 
apply to the available construction proceeds of bonds 
which are part of an issue described in subsection 
(b)(1)(A). 
(7) Section 57(a)(5) of such Code (relating to 
tax-exempt interest) shall not apply. 
(f) SPECIAL RULE FOR REPAIRS AND RECONSTRUC-
TIONS.— 
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(1) IN GENERAL.—For purposes of section 143 
of the Internal Revenue Code of 1986 and this sec-
tion, any qualified Louisiana storm and flood dis-
aster area repair or reconstruction shall be treated 
as a qualified rehabilitation. 
(2) QUALIFIED LOUISIANA STORM AND FLOOD 
DISASTER AREA REPAIR OR RECONSTRUCTION.—For 
purposes of subparagraph (A), the term ‘‘qualified 
Louisiana storm and flood disaster area repair or re-
construction’’ means any repair of damage caused by 
the severe storms and flooding giving rise to the 
Presidential declaration described in section 2(1) (or 
reconstruction of such building in the case of dam-
age constituting destruction) if the expenditures for 
such repair or reconstruction are 25 percent or more 
of the mortgagor’s adjusted basis in the residence. 
For purposes of the preceding sentence, the mortga-
gor’s adjusted basis shall be determined as of the 
completion of the repair or reconstruction or, if 
later, the date on which the mortgagor acquires the 
residence. 
(3) TERMINATION.—This paragraph shall apply 
only to owner-financing provided after the date of 
the enactment of this subsection and before January 
1, 2023. 
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SEC. 411. EXPENSING FOR CERTAIN DEMOLITION AND 
CLEAN-UP COSTS. 
(a) IN GENERAL.—A taxpayer may elect to treat 50 
percent of any qualified Louisiana storm and flood dis-
aster area clean-up cost as an expense which is not charge-
able to capital account. Any cost so treated shall be al-
lowed as a deduction for the taxable year in which such 
cost is paid or incurred. 
(b) QUALIFIED LOUISIANA STORM AND FLOOD DIS-
ASTER AREA CLEAN-UP COST.—For purposes of this sub-
section, the term ‘‘qualified Louisiana storm and flood dis-
aster area clean-up cost’’ means any amount paid or in-
curred during the period beginning on the applicable dis-
aster date, and ending on December 31, 2018, for the re-
moval of debris from, or the demolition of structures on, 
real property which is located in the Louisiana storm and 
flood disaster area and which is— 
(1) held by the taxpayer for use in a trade or 
business or for the production of income, or 
(2) property described in section 1221(a)(1) in 
the hands of the taxpayer. 
For purposes of the preceding sentence, amounts paid or 
incurred shall be taken into account only to the extent that 
such amount would (but for subsection (a)) be chargeable 
to capital account. 
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SEC. 412. EXTENSION OF EXPENSING FOR ENVIRON-
MENTAL REMEDIATION COSTS. 
With respect to any qualified environmental remedi-
ation expenditure (as defined in section 198(b)) paid or 
incurred on or after the applicable disaster date, in con-
nection with a qualified contaminated site located in the 
Louisiana storm and flood disaster area, section 198 (re-
lating to expensing of environmental remediation costs) 
shall be applied— 
(1) in the case of expenditures paid or incurred 
on or after the applicable disaster date, and before 
January 1, 2019, by substituting ‘‘December 31, 
2018’’ for the date contained in section 198(h), and 
(2) except as provided in section 198(d)(2), by 
treating petroleum products (as defined in section 
4612(a)(3)) as a hazardous substance. 
SEC. 413. TREATMENT OF NET OPERATING LOSSES ATTRIB-
UTABLE TO LOUISIANA STORM AND FLOOD 
DISASTER AREA LOSSES. 
(a) IN GENERAL.—If a portion of any net operating 
loss of the taxpayer for any taxable year is a qualified 
Louisiana storm and flood disaster area loss, the following 
rules shall apply: 
(1) EXTENSION OF CARRYBACK PERIOD.—Sec-
tion 172(b)(1) of the Internal Revenue Code of 1986 
shall be applied with respect to such portion— 
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(A) by substituting ‘‘5 taxable years’’ for 
‘‘2 taxable years’’ in subparagraph (A)(i) there-
of, and 
(B) by not taking such portion into ac-
count in determining any eligible loss of the 
taxpayer under subparagraph (F) thereof for 
the taxable year. 
(2) SUSPENSION OF 90 PERCENT AMT LIMITA-
TION.—Section 56(d)(1) of such Code shall be ap-
plied by increasing the amount determined under 
subparagraph (A)(ii)(I) thereof by the sum of the 
carrybacks and carryovers of any net operating loss 
attributable to such portion. 
(b) QUALIFIED LOUISIANA STORM AND FLOOD DIS-
ASTER AREA LOSS.— 
(1) IN GENERAL.—For purposes of subsection 
(a), the term ‘‘qualified Louisiana storm and flood 
disaster area loss’’ means the lesser of— 
(A) the excess of— 
(i) the net operating loss for such tax-
able year, over 
(ii) the specified liability loss for such 
taxable year to which a 10-year carryback 
applies under section 172(b)(1)(C) of such 
Code, or 
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(B) the aggregate amount of the following 
deductions to the extent taken into account in 
computing the net operating loss for such tax-
able year: 
(i) Any deduction for any qualified 
Louisiana storm and flood disaster area 
casualty loss. 
(ii) Any deduction for moving ex-
penses paid or incurred after the applicable 
disaster date, and before January 1, 2019, 
and allowable under this chapter to any 
taxpayer in connection with the employ-
ment of any individual— 
(I) whose principal place of abode 
was located in the Louisiana storm 
and flood disaster area before the ap-
plicable disaster date, 
(II) who was unable to remain in 
such abode as the result of the severe 
storms and flooding giving rise to the 
Presidential declaration described in 
section 2(1), and 
(III) whose principal place of em-
ployment with the taxpayer after such 
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expense is located in the Louisiana 
storm and flood disaster area. 
For purposes of this subparagraph, the 
term ‘‘moving expenses’’ has the meaning 
given such term by section 217(b) of such 
Code, except that the taxpayer’s former 
residence and new residence may be the 
same residence if the initial vacating of the 
residence was as the result of the severe 
storms and flooding giving rise to the 
Presidential declaration described in sec-
tion 2(1). 
(iii) Any deduction allowable under 
this chapter for expenses paid or incurred 
on or after the applicable disaster date, 
and before January 1, 2019, to tempo-
rarily house any employee of the taxpayer 
whose principal place of employment is in 
the Louisiana storm and flood disaster 
area. 
(iv) Any deduction for depreciation 
(or amortization in lieu of depreciation) al-
lowable under this chapter with respect to 
any qualified Louisiana storm and flood 
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disaster area property for the taxable year 
such property is placed in service. 
(v) Any deduction allowable under this 
chapter for repair expenses (including ex-
penses for removal of debris) paid or in-
curred on or after the applicable disaster 
date, and before January 1, 2019, with re-
spect to any damage attributable to the se-
vere storms and flooding giving rise to the 
Presidential declaration described in sec-
tion 2(1) and in connection with property 
which is located in the Louisiana storm 
and flood disaster area. 
(2) QUALIFIED LOUISIANA STORM AND FLOOD 
DISASTER AREA PROPERTY.—For purposes of this 
subsection— 
(A) IN
GENERAL.—The term ‘‘qualified 
Louisiana storm and flood disaster area prop-
erty’’ means property— 
(i)(I) which is described in section 
168(k)(2)(A)(i) of the Internal Revenue 
Code of 1986, or 
(II) which is nonresidential real prop-
erty or residential rental property, 
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(ii) substantially all of the use of 
which is in the Louisiana storm and flood 
disaster area and is in the active conduct 
of a trade or business by the taxpayer in 
such area, 
(iii) the original use of which in the 
Louisiana storm and flood disaster area 
commences with the taxpayer on or after 
the applicable disaster date, 
(iv) which is acquired by the taxpayer 
by purchase (as defined in section 179(d) 
of such Code) on or after the applicable 
disaster date, but only if no written bind-
ing contract for the acquisition was in ef-
fect before the applicable disaster date, 
and 
(v) which is placed in service by the 
taxpayer on or before December 31, 2018 
(December 31, 2019, in the case of non-
residential real property and residential 
rental property). 
(B) EXCEPTIONS.— 
(i) 
ALTERNATIVE
DEPRECIATION 
PROPERTY.—Such term shall not include 
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any 
property 
described 
in 
section 
168(k)(2)(D) of such Code. 
(ii) 
TAX-EXEMPT
BOND-FINANCED 
PROPERTY.—Such term shall not include 
any property any portion of which is fi-
nanced with the proceeds of any obligation 
the interest on which is exempt from tax 
under section 103 of such Code. 
(iii) 
QUALIFIED
REVITALIZATION 
BUILDINGS.—Such term shall not include 
any qualified revitalization building with 
respect to which the taxpayer has elected 
the application of paragraph (1) or (2) of 
section 1400I(a) of such Code. 
(c) QUALIFIED LOUISIANA STORM AND FLOOD AREA 
CASUALTY LOSS.— 
(1) IN GENERAL.—For purposes of paragraph 
(1)(B)(i), the term ‘‘qualified Louisiana storm and 
flood area casualty loss’’ means any uncompensated 
section 
1231 
loss 
(as 
defined 
in 
section 
1231(a)(3)(B) of such Code) of property located in 
the Louisiana storm and flood disaster area, if— 
(A) such loss is allowed as a deduction 
under section 165 of such Code for the taxable 
year, and 
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(B) such loss is by reason of the storms 
and flooding giving rise to the Presidential dec-
laration described in section 2(1). 
(2) REDUCTION
FOR
GAINS
FROM
INVOLUN-
TARY CONVERSION.—The amount of qualified Lou-
isiana storm and flood area casualty loss which 
would (but for this paragraph) be taken into account 
under paragraph (1) for any taxable year shall be 
reduced by the amount of any gain recognized by the 
taxpayer for such year from the involuntary conver-
sion by reason of the storms and flooding giving rise 
to the Presidential declaration described in section 
2(1) of property located in the Louisiana storm and 
flood disaster area. 
(3) COORDINATION WITH GENERAL DISASTER 
LOSS RULES.—Section 165(i) of such Code shall not 
apply to any qualified Louisiana storm and flood 
disaster area casualty loss to the extent such loss is 
taken into account under this subsection. 
(4) SPECIAL
RULES.—For purposes of para-
graph (1), rules similar to the rules of paragraphs 
(2) and (3) of section 172(i) of such Code shall 
apply with respect to such portion. 
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SEC. 414. INCREASED EXPENSING FOR QUALIFIED TIMBER 
PROPERTY. 
(a) IN GENERAL.—In the case of qualified timber 
property any portion of which is located in the Louisiana 
storm and flood disaster area, the limitation under sub-
paragraph (B) of section 194(b)(1) of such Code shall be 
increased by the lesser of— 
(1) the limitation which would (but for this sec-
tion) apply under such subparagraph, or 
(2) the amount of reforestation expenditures 
(as defined in section 194(c)(3) of such Code) paid 
or incurred by the taxpayer with respect to such 
qualified timber property during the specified por-
tion of the taxable year. 
(b) DEFINITIONS.—For purposes of this sub-
section— 
(1) SPECIFIED PORTION.—The term ‘‘specified 
portion’’ means that portion of the taxable year 
which is on or after the applicable disaster date, and 
before January 1, 2019. 
(2) QUALIFIED TIMBER PROPERTY.—The term 
‘‘qualified timber property’’ has the meaning given 
such term in section 194(c)(1) of such Code. 
SEC. 415. DISASTER LOSS CARRYBACK. 
(a) IN GENERAL.—In the case of a loss occurring in 
the Louisiana storm and flood disaster area and attrib-
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utable to the severe storms and flooding giving rise to the 
Presidential declaration described in section 2(1), at the 
election of the taxpayer, section 165(i)(1) of the Internal 
Revenue Code of 1986 shall be applied by substituting 
‘‘any of the 3 taxable years preceding’’ for ‘‘the taxable 
year immediately preceding’’. 
(b) SPECIAL RULES.— 
(1) DETERMINED
WITHOUT
REGARD
TO
AD-
JUSTED GROSS INCOME.—Any loss described in sub-
section (a) shall be determined for the taxable year 
without regard to section 165(h)(2)(A) of such Code. 
(2) TREATED AS SALE OR EXCHANGE.—Not-
withstanding section 165(h)(2)(B) of such Code, any 
loss described in subsection (a) shall be treated as 
a loss from a sale or exchange of a capital asset. 
SEC. 416. HOUSING RELIEF FOR INDIVIDUALS AFFECTED 
BY HURRICANE KATRINA. 
(a) EXCLUSION OF EMPLOYER-PROVIDED HOUSING 
FOR INDIVIDUAL AFFECTED BY LOUISIANA STORMS AND 
FLOODING.— 
(1) IN GENERAL.—Gross income of a qualified 
employee shall not include the value of any lodging 
furnished in kind to such employee (and such em-
ployee’s spouse or any of such employee’s depend-
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ents) by or on behalf of a qualified employer for any 
month during the taxable year. 
(2) LIMITATION.—The amount which may be 
excluded under paragraph (1) for any month for 
which lodging is furnished during the taxable year 
shall not exceed $600. 
(3) TREATMENT
OF
EXCLUSION.—The exclu-
sion under paragraph (1) shall be treated as an ex-
clusion under section 119 of such Code (other than 
for 
purposes 
of 
sections 
3121(a)(19) 
and 
3306(b)(14) of such Code). 
(b) EMPLOYER CREDIT FOR HOUSING EMPLOYEES 
AFFECTED BY LOUISIANA STORMS AND FLOODING.—For 
purposes of section 38, in the case of a qualified employer, 
the Louisiana storm and flood housing credit for any 
month during the taxable year is an amount equal to 30 
percent of any amount which is excludable from the gross 
income of a qualified employee of such employer under 
subsection (a) and not otherwise excludable under section 
119 of such Code. 
(c) QUALIFIED EMPLOYEE.—For purposes of this 
section, the term ‘‘qualified employee’’ means, with respect 
to any month, an individual— 
(1) who had a principal residence (as defined in 
section 121 of such Code) in the Louisiana storm 
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and flood disaster area on the applicable disaster 
date, and 
(2) who performs substantially all employment 
services— 
(A) in the Louisiana storm and flood dis-
aster area, and 
(B) for the qualified employer which fur-
nishes lodging to such individual. 
(d) QUALIFIED EMPLOYER.—For purposes of this 
section, the term ‘‘qualified employer’’ means any em-
ployer with a trade or business located in the Louisiana 
storm and flood disaster area. 
(e) CERTAIN RULES TO APPLY.—For purposes of 
this subsection, rules similar to the rules of sections 
51(i)(1) and 52 of such Code shall apply. 
(f) APPLICATION OF SECTION.—This section shall 
apply to lodging furnished during the period— 
(1) beginning on the first day of the first 
month beginning after the date of the enactment of 
this section, and 
(2) ending on the date which is 6 months after 
the first day described in paragraph (1). 
(g) TREATED
AS PART
OF GENERAL BUSINESS 
CREDIT.—The Louisiana storm and flood housing credit 
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determined under subsection (b) shall be treated as listed 
in section 38(b) of the Internal Revenue Code of 1986. 
Æ 
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