I 
112TH CONGRESS 
2D SESSION 
H. R. 6459 
To provide tax relief with respect to the Hurricane Isaac disaster area. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 20, 2012 
Mr. CASSIDY (for himself, Mr. BOUSTANY, Mr. HARPER, Mr. PALAZZO, Mr. 
ALEXANDER, Mr. LANDRY, Mr. RICHMOND, Mr. NUNNELEE, and Mr. 
SCALISE) introduced the following bill; which was referred to the Com-
mittee on Ways and Means, and in addition to the Committee on Appro-
priations, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To provide tax relief with respect to the Hurricane Isaac 
disaster area. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investment Savings 
Access After Catastrophes Act of 2012’’. 
SEC. 2. HURRICANE ISAAC DISASTER AREA. 
For purposes of this Act, the term ‘‘Hurricane Isaac 
disaster area’’ means any parish or county of Louisiana 
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or Mississippi which is (in whole or in part) in the area 
with respect to which a major disaster has been declared 
by the President before September 10, 2012, under section 
401 of the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act by reason of Hurricane Isaac. 
SEC. 3. SUSPENSION OF PERSONAL CASUALTY LOSS LIMI-
TATIONS. 
Paragraphs (1) and (2) of section 165(h) of the In-
ternal Revenue Code of 1986 shall not apply to losses de-
scribed in section 165(c)(3) of such Code which arise in 
the Hurricane Isaac disaster area during the 2-year period 
beginning on August 26, 2012, and which are attributable 
to Hurricane Isaac. 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. 4. TREATMENT OF NET OPERATING LOSSES ATTRIB-
UTABLE TO HURRICANE ISAAC. 
(a) EXTENSION OF CARRYBACK PERIOD.—During 
the 2-year period beginning on August 26, 2012, if a por-
tion of any net operating loss of the taxpayer for any tax-
able year is a Hurricane Isaac loss, section 172(b)(1) of 
the Internal Revenue Code of 1986 shall be applied with 
respect to such portion— 
(1) by substituting ‘‘5 taxable years’’ for ‘‘2 
taxable years’’ in subparagraph (A)(i) thereof, and 
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(2) by not taking such portion into account in 
determining any eligible loss of the taxpayer under 
subparagraph (F) thereof for the taxable year. 
(b) SUSPENSION
OF 90 PERCENT AMT LIMITA-
TION.—Section 56(d)(1) of such Code shall be applied 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 the 
portion described in subsection (a). 
(c) HURRICANE ISAAC LOSS.—For purposes of this 
section— 
(1) IN GENERAL.—The term ‘‘Hurricane Isaac 
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 
(B) the amount of any deduction for any 
qualified Hurricane Isaac casualty loss to the 
extent taken into account in computing the net 
operating loss for such taxable year. 
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(2) QUALIFIED
HURRICANE
ISAAC
CASUALTY 
LOSS.— 
(A) IN
GENERAL.—The term ‘‘qualified 
Hurricane Isaac casualty loss’’ means any un-
compensated section 1231 loss (as defined in 
section 1231(a)(3)(B) of such Code) of property 
located in the Hurricane Isaac disaster area 
if— 
(i) such loss is allowed as a deduction 
under section 165 of such Code for the 
taxable year, and 
(ii) such loss is by reason of Hurri-
cane Isaac. 
(B) APPLICABLE RULES.—For purposes of 
subparagraph (A), rules similar to the rules of 
subparagraphs (B) and (C) of paragraph (3), 
and paragraph (4), of section 1400N(k) of such 
Code and shall apply. 
SEC. 5. TAX-FAVORED WITHDRAWALS FROM RETIREMENT 
PLANS. 
(a) IN GENERAL.—A qualified Hurricane Isaac dis-
tribution shall be treated as a qualified hurricane distribu-
tion for purposes of section 1400Q(a) of the Internal Rev-
enue Code of 1986. 
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(b) QUALIFIED HURRICANE ISAAC DISTRIBUTION.— 
For purposes of subsection (a), the term ‘‘qualified Hurri-
cane Isaac distribution’’ means any distribution from an 
eligible retirement plan made on or after August 26, 2012, 
and before September 11, 2014, to an individual whose 
principal place of abode on August 26, 2012, is located 
in the Hurricane Isaac disaster area and who has sus-
tained an economic loss by reason of Hurricane Isaac. 
(c) APPLICABLE RULES.—For purposes of this sec-
tion, rules similar to the rules of section 1400Q(a) of such 
Code (other than paragraph (4)(A) thereof) shall apply. 
SEC. 6. RESCISSION OF UNSPENT AND UNCOMMITTED FED-
ERAL FUNDS. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, of all available unobligated Federal funds, an 
amount in appropriated discretionary unexpired funds de-
termined by the Director of the Office of Management and 
Budget to be equal to the reduction in Federal revenues 
by reason of the enactment of this Act is rescinded. 
(b) IMPLEMENTATION.—Not later than 60 days after 
the date of enactment of this Act, the Director of the Of-
fice of Management and Budget shall— 
(1) identify the accounts and amounts rescinded 
to implement subsection (a); and 
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(2) submit a report to the Secretary of the 
Treasury and Congress of the accounts and amounts 
identified under paragraph (1) for rescission. 
(c) EXCEPTION.—This section shall not apply to the 
unobligated Federal funds of the Department of Defense 
or the Department of Veterans Affairs. 
Æ 
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