I
105TH CONGRESS
1ST SESSION
H. R. 1434
To amend the Internal Revenue Code of 1986 to authorize the Secretary
of the Treasury to postpone certain tax-related deadlines in the case
of taxpayers affected by a Presidentially declared disaster, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 24, 1997
Mr. HERGER introduced the following bill; which was referred to the
Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to authorize
the Secretary of the Treasury to postpone certain tax-
related deadlines in the case of taxpayers affected by
a Presidentially declared disaster, and for other purposes.
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 ‘‘Disaster Relief Tax
Act of 1997’’.
SEC 2. AUTHORITY TO POSTPONE CERTAIN TAX-RELATED
DEADLINES BY REASON OF PRESIDENTIALLY
DECLARED DISASTER.
(a) IN GENERAL.—Chapter 77 of the Internal Reve-
nue Code of 1986 is amended by inserting after section
7508 the following new section:
‘‘SEC. 7508A. AUTHORITY TO POSTPONE CERTAIN TAX-RE-
LATED DEADLINES BY REASON OF PRESI-
DENTIALLY DECLARED DISASTER.
‘‘(a) IN GENERAL.—In the case of a taxpayer deter-
mined by the Secretary to be affected by a Presidentially
declared disaster (as defined by section 1033(h)(3)), the
Secretary may prescribe regulations under which a period
of up to 90 days may be disregarded in determining, under
the internal revenue laws, in respect of any tax liability
(including any penalty, additional amount, or addition to
the tax) of such taxpayer—
‘‘(1) whether any of the acts by the taxpayer
described in paragraph (1) of section 7508(a) were
performed within the time prescribed therefor, and
‘‘(2) the amount of any credit or refund.
‘‘(b) INTEREST ON OVERPAYMENTS AND UNDERPAY-
MENTS.—Subsection (a) shall not apply for the purpose
of determining interest on any overpayment or underpay-
ment.’’
(b) CLERICAL AMENDMENT.—The table of sections
for chapter 77 of such Code is amended by inserting after
the item relating to section 7508 the following new item:
‘‘Sec. 7508A. Authority to postpone certain tax-related deadlines
by reason of presidentially declared disaster.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply with respect to any period for per-
forming an act that has not expired before the date of
the enactment of this Act.
SEC. 3. USE OF CERTAIN APPRAISALS TO ESTABLISH
AMOUNT OF DISASTER LOSS.
(a) IN GENERAL.—Subsection (i) of section 165 of
the Internal Revenue Code of 1986 is amended by adding
at the end the following new paragraph:
‘‘(4) USE OF DISASTER LOAN APPRAISALS TO
ESTABLISH AMOUNT OF LOSS.—Nothing in this title
shall be construed to prohibit the Secretary from
prescribing regulations or other guidance under
which an appraisal for the purpose of obtaining a
loan of Federal funds or a loan guarantee from the
Federal Government as a result of a Presidentially
declared disaster (as defined by section 1033(h)(3))
may be used to establish the amount of any loss de-
scribed in paragraph (1) or (2).’’
(b) EFFECTIVE DATE.—The amendment made by
subsection (a) shall take effect on the date of the enact-
ment of this Act.
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