‘‘(A) BOND.—The term ‘bond’ includes 
any obligation. 
‘‘(B) PARTNERSHIP; S CORPORATION; AND 
OTHER PASS-THRU ENTITIES.— 
‘‘(i) IN GENERAL.—Under regulations 
prescribed by the Secretary, in the case of 
a partnership, trust, S corporation, or 
other pass-thru entity, rules similar to the 
rules of section 41(g) shall apply with re-
spect to the credit allowable under para-
graph (1). 
‘‘(ii) NO BASIS ADJUSTMENT.—In the 
case of a bond held by a partnership or an 
S corporation, rules similar to the rules 
under section 1397E(i) shall apply. 
‘‘(C) BONDS
HELD
BY
REGULATED
IN-
VESTMENT COMPANIES.—If any Gulf Oil Spill 
Recovery tax credit bond is held by a regulated 
investment company, the credit determined 
under paragraph (1) shall be allowed to share-
holders of such company under procedures pre-
scribed by the Secretary. 
‘‘(D) REPORTING.—Issuers of Gulf Oil 
Spill Recovery tax credit bonds shall submit re-
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ports similar to the reports required under sec-
tion 149(e). 
‘‘(E) CREDIT
TREATED
AS
NONREFUND-
ABLE BONDHOLDER CREDIT.—For purposes of 
this title, the credit allowed by this subsection 
shall be treated as a credit allowable under sub-
part H of part IV of subchapter A of this chap-
ter. 
‘‘(k) APPLICATION OF NEW MARKETS TAX CREDIT 
TO INVESTMENTS IN COMMUNITY DEVELOPMENT ENTI-
TIES SERVING GULF OIL SPILL RECOVERY ZONE.—For 
purposes of section 45D— 
‘‘(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 Gulf Oil Spill Recovery 
Zone, 
‘‘(2) the new markets tax credit limitation oth-
erwise determined under subsection (f)(1) thereof 
shall be increased by an amount equal to— 
‘‘(A) $300,000,000 for 2010 and 2011, to 
be allocated among qualified community devel-
opment entities to make qualified low-income 
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community investments within the Gulf Oil 
Spill Recovery Zone, and 
‘‘(B) $400,000,000 for 2012, 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). 
‘‘(l) TREATMENT OF REPRESENTATIONS REGARDING 
INCOME ELIGIBILITY FOR PURPOSES OF QUALIFIED RES-
IDENTIAL RENTAL PROJECT REQUIREMENTS.—For pur-
poses of determining if any residential rental project meets 
the requirements of section 142(d)(1) and if any certifi-
cation with respect to such project meets the requirements 
under section 142(d)(7), the operator of the project may 
rely on the representations of any individual applying for 
tenancy in such project that such individual’s income will 
not exceed the applicable income limits of section 
142(d)(1) upon commencement of the individual’s tenancy 
if such tenancy begins during the 6-month period begin-
ning on and after the date such individual was displaced 
by reason of the Gulf Oil Spill. 
‘‘(m) TREATMENT OF PUBLIC UTILITY PROPERTY 
GULF OIL SPILL LOSSES.— 
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‘‘(1) IN GENERAL.—Upon the election of the 
taxpayer, in the case of any eligible public utility 
property loss— 
‘‘(A) section 165(i) shall be applied by sub-
stituting ‘the fifth taxable year immediately 
preceding’ for ‘the taxable year immediately 
preceding’, 
‘‘(B) 
an 
application 
for 
a 
tentative 
carryback adjustment of the tax for any prior 
taxable year affected by the application of sub-
paragraph (A) may be made under section 
6411, and 
‘‘(C) section 6611 shall not apply to any 
overpayment attributable to such loss. 
‘‘(2) ELIGIBLE
PUBLIC
UTILITY
PROPERTY 
LOSS.—For purposes of this subsection— 
‘‘(A) IN
GENERAL.—The term ‘eligible 
public utility property loss’ means any loss with 
respect to public utility property located in the 
Gulf Oil Spill Recovery Zone and attributable to 
the Gulf Oil Spill. 
‘‘(B) PUBLIC
UTILITY
PROPERTY.—The 
term ‘public utility property’ has the meaning 
given such term by section 168(i)(10) without 
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regard to the matter following subparagraph 
(D) thereof. 
‘‘(3) WAIVER OF LIMITATIONS.—If refund or 
credit of any overpayment of tax resulting from the 
application of paragraph (1) is prevented at any 
time before the close of the 1-year period beginning 
on the date of the enactment of this section by the 
operation of any law or rule of law (including res ju-
dicata), such refund or credit may nevertheless be 
made or allowed if claim therefor is filed before the 
close of such period. 
‘‘(n) TAX BENEFITS NOT AVAILABLE WITH RE-
SPECT TO CERTAIN PROPERTY.— 
‘‘(1) QUALIFIED
GULF
OIL
SPILL
RECOVERY 
ZONE PROPERTY.—For purposes of subsections (d), 
(e), and (j)(2)(B)(iv), the term ‘qualified Gulf Oil 
Spill Recovery Zone property’ shall not include any 
property described in paragraph (3). 
‘‘(2) QUALIFIED
GULF
OIL
SPILL
RECOVERY 
ZONE
CASUALTY
LOSSES.—For purposes of sub-
section (j)(2)(B)(i), the term ‘qualified Gulf Oil Spill 
Recovery Zone casualty loss’ shall not include any 
loss with respect to any property described in para-
graph (3). 
‘‘(3) PROPERTY DESCRIBED.— 
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‘‘(A) IN GENERAL.—For purposes of this 
subsection, property is described in this para-
graph if such property is— 
‘‘(i) any property used in connection 
with any private or commercial golf course, 
country club, massage parlor, hot tub facil-
ity, suntan facility, or any store the prin-
cipal business of which is the sale of alco-
holic beverages for consumption off prem-
ises, or 
‘‘(ii) any gambling or animal racing 
property. 
‘‘(B) GAMBLING OR ANIMAL RACING PROP-
ERTY.—For purposes of subparagraph (A)(ii)— 
‘‘(i) IN
GENERAL.—The term ‘gam-
bling or animal racing property’ means— 
‘‘(I) any equipment, furniture, 
software, or other property used di-
rectly in connection with gambling, 
the racing of animals, or the on-site 
viewing of such racing, and 
‘‘(II) the portion of any real 
property (determined by square foot-
age) which is dedicated to gambling, 
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the racing of animals, or the on-site 
viewing of such racing. 
‘‘(ii) DE
MINIMIS
PORTION.—Clause 
(i)(II) shall not apply to any real property 
if the portion so dedicated is less than 100 
square feet. 
‘‘SEC. 1400V–3. HOUSING TAX BENEFITS. 
‘‘(a) EXCLUSION OF EMPLOYER PROVIDED HOUSING 
FOR INDIVIDUAL AFFECTED BY GULF OIL SPILL.— 
‘‘(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-
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 (other than for purposes 
of sections 3121(a)(19) and 3306(b)(14)). 
‘‘(b) EMPLOYER CREDIT FOR HOUSING EMPLOYEES 
AFFECTED BY GULF OIL SPILL.—For purposes of section 
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38, in the case of a qualified employer, the Gulf Oil Spill 
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. 
‘‘(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) in the Gulf Oil Spill Recovery Zone 
on April 20, 2010, and 
‘‘(2) who performs substantially all employment 
services— 
‘‘(A) in the Gulf Oil Spill Recovery Zone, 
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 employer 
with a trade or business located in the Gulf Oil Spill Re-
covery Zone. 
‘‘(e) CERTAIN RULES TO APPLY.—For purposes of 
this subsection, rules similar to the rules of sections 
51(i)(1) and 52 shall apply. 
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‘‘(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). 
‘‘SEC. 1400V–4. SPECIAL RULES FOR USE OF RETIREMENT 
FUNDS. 
‘‘(a) TAX-FAVORED WITHDRAWALS FROM RETIRE-
MENT PLANS.— 
‘‘(1) IN
GENERAL.—Section 72(t) shall not 
apply to any qualified Gulf Oil Spill distribution. 
‘‘(2) AGGREGATE DOLLAR LIMITATION.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, the aggregate amount of distribu-
tions received by an individual which may be 
treated as qualified Gulf Oil Spill distributions 
for any taxable year shall not exceed the excess 
(if any) of— 
‘‘(i) $100,000, over 
‘‘(ii) the aggregate amounts treated as 
qualified Gulf Oil Spill distributions re-
ceived by such individual for all prior tax-
able years. 
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‘‘(B) TREATMENT
OF
PLAN
DISTRIBU-
TIONS.—If a distribution to an individual would 
(without regard to subparagraph (A)) be a 
qualified Gulf Oil Spill distribution, a plan shall 
not be treated as violating any requirement of 
this title merely because the plan treats such 
distribution as a qualified Gulf Oil Spill dis-
tribution, unless the aggregate amount of such 
distributions from all plans maintained by the 
employer (and any member of any controlled 
group which includes the employer) to such in-
dividual exceeds $100,000. 
‘‘(C) CONTROLLED GROUP.—For purposes 
of subparagraph (B), the term ‘controlled 
group’ means any group treated as a single em-
ployer under subsection (b), (c), (m), or (o) of 
section 414. 
‘‘(3) AMOUNT DISTRIBUTED MAY BE REPAID.— 
‘‘(A) IN
GENERAL.—Any individual who 
receives a qualified Gulf Oil Spill distribution 
may, at any time during the 3-year period be-
ginning on the day after the date on which such 
distribution was received, make one or more 
contributions in an aggregate amount not to ex-
ceed the amount of such distribution to an eligi-
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ble retirement plan of which such individual is 
a beneficiary and to which a rollover contribu-
tion of such distribution could be made under 
section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), 
or 457(e)(16), as the case may be. 
‘‘(B) TREATMENT
OF
REPAYMENTS
OF 
DISTRIBUTIONS
FROM
ELIGIBLE
RETIREMENT 
PLANS
OTHER
THAN
IRAS.—For purposes of 
this title, if a contribution is made pursuant to 
subparagraph (A) with respect to a qualified 
Gulf Oil Spill distribution from an eligible re-
tirement plan other than an individual retire-
ment plan, then the taxpayer shall, to the ex-
tent of the amount of the contribution, be treat-
ed as having received the qualified Gulf Oil 
Spill distribution in an eligible rollover distribu-
tion (as defined in section 402(c)(4)) and as 
having transferred the amount to the eligible 
retirement plan in a direct trustee to trustee 
transfer within 60 days of the distribution. 
‘‘(C) TREATMENT
OF
REPAYMENTS
FOR 
DISTRIBUTIONS FROM IRAS.—For purposes of 
this title, if a contribution is made pursuant to 
subparagraph (A) with respect to a qualified 
Gulf Oil Spill distribution from an individual 
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retirement 
plan 
(as 
defined 
by 
section 
7701(a)(37)), then, to the extent of the amount 
of the contribution, the qualified Gulf Oil Spill 
distribution shall be treated as a distribution 
described in section 408(d)(3) and as having 
been transferred to the eligible retirement plan 
in a direct trustee to trustee transfer within 60 
days of the distribution. 
‘‘(4) DEFINITIONS.—For purposes of this sub-
section— 
‘‘(A) QUALIFIED
GULF
OIL
SPILL
DIS-
TRIBUTION.—Except as provided in paragraph 
(2), the term ‘qualified Gulf Oil Spill distribu-
tion’ means any distribution from an eligible re-
tirement plan made on or after April 20, 2010, 
and before January 1, 2012, to an individual 
whose principal place of abode on April 20, 
2010, is located in the Gulf Oil Spill Recovery 
Zone and who has sustained an economic loss 
by reason of the Gulf Oil Spill. 
‘‘(B) ELIGIBLE RETIREMENT PLAN.—The 
term ‘eligible retirement plan’ shall have the 
meaning 
given 
such 
term 
by 
section 
402(c)(8)(B). 
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‘‘(5) INCOME INCLUSION SPREAD OVER 3-YEAR 
PERIOD.— 
‘‘(A) IN
GENERAL.—In the case of any 
qualified Gulf Oil Spill distribution, unless the 
taxpayer elects not to have this paragraph 
apply for any taxable year, any amount re-
quired to be included in gross income for such 
taxable year shall be so included ratably over 
the 3-taxable year period beginning with such 
taxable year. 
‘‘(B) SPECIAL
RULE.—For purposes of 
subparagraph (A), rules similar to the rules of 
subparagraph (E) of section 408A(d)(3) shall 
apply. 
‘‘(6) SPECIAL RULES.— 
‘‘(A) EXEMPTION OF DISTRIBUTIONS FROM 
TRUSTEE TO TRUSTEE TRANSFER AND WITH-
HOLDING
RULES.—For purposes of sections 
401(a)(31), 402(f), and 3405, qualified Gulf Oil 
Spill distributions shall not be treated as eligi-
ble rollover distributions. 
‘‘(B) QUALIFIED
GULF
OIL
SPILL
DIS-
TRIBUTIONS TREATED AS MEETING PLAN DIS-
TRIBUTION REQUIREMENTS.—For purposes this 
title, a qualified Gulf Oil Spill distribution shall 
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be treated as meeting the requirements of sec-
tions 
401(k)(2)(B)(i), 
403(b)(7)(A)(ii), 
403(b)(11), and 457(d)(1)(A). 
‘‘(b) RECONTRIBUTIONS
OF
WITHDRAWALS
FOR 
HOME PURCHASES.— 
‘‘(1) RECONTRIBUTIONS.— 
‘‘(A) IN
GENERAL.—Any individual who 
received a qualified distribution may, during the 
applicable period, make one or more contribu-
tions in an aggregate amount not to exceed the 
amount of such qualified distribution to an eli-
gible retirement plan (as defined in section 
402(c)(8)(B)) of which such individual is a ben-
eficiary 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), as 
the case may be. 
‘‘(B) TREATMENT
OF
REPAYMENTS.— 
Rules similar to the rules of subparagraphs (B) 
and (C) of subsection (a)(3) shall apply for pur-
poses of this subsection. 
‘‘(2) QUALIFIED DISTRIBUTION.—For purposes 
of this subsection, the term ‘qualified distribution’ 
means any distribution— 
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‘‘(A) 
described 
in 
section 
401(k)(2)(B)(i)(IV), 403(b)(7)(A)(ii) (but only 
to the extent such distribution relates to finan-
cial hardship), 403(b)(11)(B), or 72(t)(2)(F), 
‘‘(B) received after October 31, 2005, and 
before April 30, 2010, and 
‘‘(C) which was to be used to purchase or 
construct a principal residence in the Gulf Oil 
Spill Recovery Zone, but which was not so pur-
chased or constructed on account of the Gulf 
Oil Spill. 
‘‘(3) APPLICABLE
PERIOD.—For purposes of 
this subsection, the term ‘applicable period’ means 
the period beginning on April 20, 2010, and ending 
on October 20, 2010. 
‘‘(c) LOANS FROM QUALIFIED PLANS.— 
‘‘(1) INCREASE IN LIMIT ON LOANS NOT TREAT-
ED
AS
DISTRIBUTIONS.—In the case of any loan 
from a qualified employer plan (as defined under 
section 72(p)(4)) to a qualified individual made dur-
ing the applicable period— 
‘‘(A) clause (i) of section 72(p)(2)(A) shall 
be applied by substituting ‘$100,000’ for 
‘$50,000’, and 
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‘‘(B) clause (ii) of such section shall be ap-
plied by substituting ‘the present value of the 
nonforfeitable accrued benefit of the employee 
under the plan’ for ‘one-half of the present 
value of the nonforfeitable accrued benefit of 
the employee under the plan’. 
‘‘(2) DELAY OF REPAYMENT.—In the case of a 
qualified individual with an outstanding loan on or 
after the qualified beginning date from a qualified 
employer plan (as defined in section 72(p)(4))— 
‘‘(A) if the due date pursuant to subpara-
graph (B) or (C) of section 72(p)(2) for any re-
payment with respect to such loan occurs dur-
ing the period beginning on the qualified begin-
ning date and ending on December 31, 2011, 
such due date shall be delayed for 1 year, 
‘‘(B) any subsequent repayments with re-
spect to any such loan shall be appropriately 
adjusted to reflect the delay in the due date 
under paragraph (1) and any interest accruing 
during such delay, and 
‘‘(C) in determining the 5-year period and 
the term of a loan under subparagraph (B) or 
(C) of section 72(p)(2), the period described in 
subparagraph (A) shall be disregarded. 
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‘‘(3) QUALIFIED INDIVIDUAL.—For purposes of 
this subsection, the term ‘qualified individual’ means 
an individual whose principal place of abode on April 
20, 2010, is located in the Gulf Oil Spill Recovery 
Zone and who has sustained an economic loss by 
reason of the Gulf Oil Spill. 
‘‘(4) APPLICABLE PERIOD; QUALIFIED BEGIN-
NING DATE.—For purposes of this subsection— 
‘‘(A) the applicable period is the period be-
ginning on April 20, 2010, and ending on De-
cember 31, 2011, and— 
‘‘(B) the qualified beginning date is April 
20, 2010. 
‘‘(d) PROVISIONS
RELATING
TO
PLAN
AMEND-
MENTS.— 
‘‘(1) IN GENERAL.—If this subsection applies to 
any amendment to any plan or annuity contract, 
such plan or contract shall be treated as being oper-
ated in accordance with the terms of the plan during 
the period described in paragraph (2)(B)(i). 
‘‘(2) AMENDMENTS TO WHICH SUBSECTION AP-
PLIES.— 
‘‘(A) IN GENERAL.—This subsection shall 
apply to any amendment to any plan or annuity 
contract which is made— 
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‘‘(i) pursuant to any provision of this 
section, or pursuant to any regulation 
issued by the Secretary or the Secretary of 
Labor under any provision of this section, 
and 
‘‘(ii) on or before the last day of the 
first plan year beginning on or after Janu-
ary 1, 2012, or such later date as the Sec-
retary may prescribe. 
In the case of a governmental plan (as defined 
in section 414(d)), clause (ii) shall be applied 
by substituting the date which is 2 years after 
the date otherwise applied under clause (ii). 
‘‘(B) CONDITIONS.—This subsection shall 
not apply to any amendment unless— 
‘‘(i) during the period— 
‘‘(I) beginning on the date that 
this section or the regulation de-
scribed in subparagraph (A)(i) takes 
effect (or in the case of a plan or con-
tract amendment not required by this 
section or such regulation, the effec-
tive date specified by the plan), and 
‘‘(II) ending on the date de-
scribed in subparagraph (A)(ii) (or, if 
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earlier, the date the plan or contract 
amendment is adopted), 
the plan or contract is operated as if such 
plan or contract amendment were in effect; 
and 
‘‘(ii) such plan or contract amendment 
applies retroactively for such period. 
‘‘SEC. 1400V–5. EMPLOYEE RETENTION CREDIT FOR EM-
PLOYERS AFFECTED BY GULF OIL SPILL. 
‘‘(a) IN GENERAL.—For purposes of section 38, in 
the case of an eligible employer, the Gulf Oil Spill em-
ployee retention credit for any taxable year is an amount 
equal to 40 percent of the qualified wages with respect 
to each eligible employee of such employer for such taxable 
year. For purposes 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 sub-
section— 
‘‘(1) ELIGIBLE EMPLOYER.—The term ‘eligible 
employer’ means any employer— 
‘‘(A) which conducted an active trade or 
business on April 20, 2010, in the Gulf Oil Spill 
Recovery Zone, and 
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‘‘(B) with respect to whom the trade or 
business described in subparagraph (A) is inop-
erable on any day after April 20, 2010, and be-
fore January 1, 2011, as a result of damage 
sustained by reason of the Gulf Oil Spill. 
‘‘(2) ELIGIBLE EMPLOYEE.—The term ‘eligible 
employee’ means with respect to an eligible employer 
an employee whose principal place of employment on 
April 20, 2010, with such eligible employer was in 
the Gulf Oil Spill Recovery Zone. 
‘‘(3) QUALIFIED WAGES.—The term ‘qualified 
wages’ means wages (as defined in section 51(c)(1)), 
but without regard to section 3306(b)(2)(B)) paid or 
incurred by an eligible employer with respect to an 
eligible employee on any day after April 20, 2010, 
and before January 1, 2011, 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 Gulf Oil Spill, and 
‘‘(B) ending on the date on which such 
trade or business has resumed significant oper-
ations at such principal place of employment. 
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Such term shall include wages paid without regard 
to whether the employee performs no services, per-
forms services at a place of employment different 
than such principal place of employment, or per-
forms services at such principal place of employment 
before significant operations have resumed. 
‘‘(c) CERTAIN RULES TO APPLY.—For purposes of 
this section, rules similar to the rules of sections 51(i)(1) 
and 52 shall apply. 
‘‘(d) EMPLOYEE NOT TAKEN INTO ACCOUNT MORE 
THAN ONCE.—An employee shall not be treated as an eli-
gible employee for purposes of this subsection for any pe-
riod with respect to any employer if such employer is al-
lowed a credit under section 51 with respect to such em-
ployee for such period. 
‘‘SEC. 1400V–6. ADDITIONAL TAX RELIEF PROVISIONS. 
‘‘(a) TEMPORARY SUSPENSION OF LIMITATIONS ON 
CHARITABLE CONTRIBUTIONS.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in paragraph (2), section 170(b) shall not 
apply to qualified contributions and such contribu-
tions shall not be taken into account for purposes of 
applying subsections (b) and (d) of section 170 to 
other contributions. 
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‘‘(2) 
TREATMENT
OF
EXCESS
CONTRIBU-
TIONS.—For purposes of section 170— 
‘‘(A) INDIVIDUALS.—In the case of an in-
dividual— 
‘‘(i) LIMITATION.—Any qualified con-
tribution shall be allowed only to the ex-
tent that the aggregate of such contribu-
tions does not exceed the excess of the tax-
payer’s contribution base (as defined in 
subparagraph (F) of section 170(b)(1)) 
over the amount of all other charitable 
contributions 
allowed 
under 
section 
170(b)(1). 
‘‘(ii) CARRYOVER.—If the aggregate 
amount of qualified contributions made in 
the contribution year (within the meaning 
of section 170(d)(1)) exceeds the limitation 
of clause (i), such excess shall be added to 
the excess described in the portion of sub-
paragraph (A) of such section which pre-
cedes clause (i) thereof for purposes of ap-
plying such section. 
‘‘(B) CORPORATIONS.—In the case of a 
corporation— 
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‘‘(i) LIMITATION.—Any qualified con-
tribution shall be allowed only to the ex-
tent that the aggregate of such contribu-
tions does not exceed the excess of the tax-
payer’s taxable income (as determined 
under paragraph (2) of section 170(b)) 
over the amount of all other charitable 
contributions allowed under such para-
graph. 
‘‘(ii) CARRYOVER.—Rules similar to 
the rules of subparagraph (A)(ii) shall 
apply for purposes of this subparagraph. 
‘‘(3) EXCEPTION TO OVERALL LIMITATION ON 
ITEMIZED DEDUCTIONS.—So much of any deduction 
allowed under section 170 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. 
‘‘(4) QUALIFIED CONTRIBUTIONS.— 
‘‘(A) IN GENERAL.—For purposes of this 
subsection, the term ‘qualified contribution’ 
means any charitable contribution (as defined 
in section 170(c)) if— 
‘‘(i) such contribution is paid during 
the period beginning on April 20, 2010, 
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and ending on December 31, 2012, in cash 
to an organization described in section 
170(b)(1)(A) (other than an organization 
described in section 509(a)(3)), 
‘‘(ii) in the case of a contribution paid 
by a corporation, such contribution is for 
relief efforts related to the Gulf Oil Spill, 
and 
‘‘(iii) the taxpayer has elected the ap-
plication of this subsection with respect to 
such contribution. 
‘‘(B) EXCEPTION.—Such term shall not in-
clude a contribution if the contribution is for 
establishment of a new, or maintenance in an 
existing, segregated fund or account with re-
spect to which the donor (or any person ap-
pointed or designated by such donor) has, or 
reasonably expects to have, advisory privileges 
with respect to distributions or investments by 
reason of the donor’s status as a donor. 
‘‘(C) APPLICATION OF ELECTION TO PART-
NERSHIPS AND S CORPORATIONS.—In the case 
of a partnership or S corporation, the election 
under subparagraph (A)(iii) shall be made sepa-
rately by each partner or shareholder. 
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‘‘(b) SUSPENSION
OF CERTAIN LIMITATIONS
ON 
PERSONAL
CASUALTY
LOSSES.—Paragraphs (1) and 
(2)(A) of section 165(h) shall not apply to losses described 
in section 165(c)(3) which arise in the Gulf Oil Spill Re-
covery Zone on or after April 20, 2010, and which are 
attributable to the Gulf Oil Spill. In the case of any other 
losses, section 165(h)(2)(A) shall be applied without re-
gard to the losses referred to in the preceding sentence. 
‘‘(c) REQUIRED EXERCISE OF AUTHORITY UNDER 
SECTION 7508A.—In the case of any taxpayer determined 
by the Secretary to be affected by the Gulf Oil Spill, any 
relief provided by the Secretary under section 7508A shall 
be for a period ending not earlier than October 20, 2011. 
‘‘(d) SPECIAL RULE FOR DETERMINING EARNED IN-
COME.— 
‘‘(1) IN GENERAL.—In the case of a qualified 
individual, if the earned income of the taxpayer for 
the taxable year which includes the applicable date 
is less than the earned income of the taxpayer for 
the preceding taxable year, the credits allowed under 
sections 24(d) and 32 may, at the election of the 
taxpayer, be determined by substituting— 
‘‘(A) such earned income for the preceding 
taxable year, for 
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‘‘(B) such earned income for the taxable 
year which includes the applicable date. 
‘‘(2) QUALIFIED INDIVIDUAL.—For purposes of 
this subsection, the term ‘qualified individual’ means 
any individual— 
‘‘(A) whose principal place of abode on 
April 20, 2010, was located in the Gulf Oil Spill 
Recovery Zone, and 
‘‘(B) who was displaced from such prin-
cipal place of abode by reason of the Gulf Oil 
Spill. 
‘‘(3) APPLICABLE DATE.—For purposes of this 
subsection, the term ‘applicable date’ means April 
20, 2010. 
‘‘(4) EARNED INCOME.—For purposes of this 
subsection, the term ‘earned income’ has the mean-
ing given such term under section 32(c). 
‘‘(5) SPECIAL RULES.— 
‘‘(A) APPLICATION TO JOINT RETURNS.— 
For purposes of paragraph (1), in the case of 
a joint return for a taxable year which includes 
the applicable date— 
‘‘(i) such paragraph shall apply if ei-
ther spouse is a qualified individual, and 
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‘‘(ii) the earned income of the tax-
payer for the preceding taxable year shall 
be the sum of the earned income of each 
spouse for such preceding taxable year. 
‘‘(B) UNIFORM
APPLICATION
OF
ELEC-
TION.—Any election made under paragraph (1) 
shall apply with respect to both sections 24(d) 
and section 32. 
‘‘(C) ERRORS TREATED AS MATHEMATICAL 
ERROR.—For purposes of section 6213, an in-
correct use on a return of earned income pursu-
ant to paragraph (1) shall be treated as a 
mathematical or clerical error. 
‘‘(D) NO EFFECT ON DETERMINATION OF 
GROSS INCOME, ETC.—Except as otherwise pro-
vided in this subsection, this title shall be ap-
plied without regard to any substitution under 
paragraph (1). 
‘‘(e) SECRETARIAL AUTHORITY TO MAKE ADJUST-
MENTS REGARDING TAXPAYER AND DEPENDENCY STA-
TUS.—With respect to taxable years beginning in 2010 or 
2011, the Secretary may make such adjustments in the 
application of the internal revenue laws as may be nec-
essary to ensure that taxpayers do not lose any deduction 
or credit or experience a change of filing status by reason 
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of temporary relocations by reason of the Gulf Oil Spill. 
Any adjustments made under the preceding sentence shall 
ensure that an individual is not taken into account by 
more than one taxpayer with respect to the same tax ben-
efit. 
‘‘SEC. 1400V–7. SPECIAL RULES FOR MORTGAGE REVENUE 
BONDS. 
‘‘(a) IN GENERAL.—In the case of financing provided 
with respect to owner-occupied residences in the Gulf Oil 
Spill Recovery Zone, section 143 shall be applied— 
‘‘(1) by treating any such residence as a tar-
geted area residence, 
‘‘(2) by applying subsection (f)(3) thereof with-
out regard to subparagraph (A) thereof, and 
‘‘(3) by substituting ‘$150,000’ for ‘$15,000’ in 
subsection (k)(4) thereof. 
‘‘(b) APPLICATION.—Subsection (a) shall not apply 
to financing provided after December 31, 2010.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Paragraph (2) of section 54(c) is amended 
by 
inserting 
‘‘section 
1400V–2(j),’’ 
after 
‘‘1400N(l)’’. 
(2) Subparagraph (A) of section 6049(d)(8) is 
amended— 
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(A) by striking ‘‘or 1400N(l)(6)’’ and in-
serting ‘‘, 1400N(l)(6), or 1400V–2(k)(6)’’, and 
(B) by striking ‘‘or 1400N(l)(2)(D)’’ and 
inserting 
‘‘1400N(l)(2)(D), 
or 
1400V– 
2(j)(2)(D)’’. 
(3) Subsection (b) of section 38 is amended by 
striking ‘‘plus’’ at the end of paragraph (35), by 
striking the period at the end of paragraph (36) and 
inserting a comma, and by adding at the end the fol-
lowing new paragraphs: 
‘‘(37) the Gulf Oil Spill housing credit deter-
mined under section 1400V–3(b), plus 
‘‘(38) the Gulf Oil Spill employee retention 
credit determined under section 1400V–5(a).’’. 
(4) Section 280C(a) is amended by striking 
‘‘and 1400R’’ and inserting ‘‘1400R, 1400V–3(b), 
and 1400V–5’’. 
(5) The table of parts for subchapter Y of chap-
ter 1 is amended by adding at the end the following 
new item: 
‘‘PART IV. TAX BENEFITS FOR GULF OIL SPILL RECOVERY ZONE.’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall apply to taxable years ending on or after April 
20, 2010. 
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(2) CARRYBACKS.—Subsections (j) and (n) of 
section 1400V–2 of the Internal Revenue Code of 
1986 (as added by this section) shall apply to losses 
arising in such taxable years. 
SEC. 3. SPECIAL EXTENSION OF BONUS DEPRECIATION 
PLACED IN SERVICE DATE FOR TAXPAYERS 
AFFECTED BY THE GULF OIL SPILL. 
In applying the rule under section 168(k)(2)(A)(iv) 
of the Internal Revenue Code of 1986 to any property de-
scribed in subparagraph (B) or (C) of section 168(k)(2) 
of such Code— 
(1) the placement in service of which— 
(A) is to be located in the Gulf Oil Recov-
ery Zone (as defined in section 1400V–1 of 
such Code), and 
(B) is to be made by any taxpayer affected 
by the Gulf Oil Spill (as defined in section 
1400V–1 of such Code), or 
(2) which is manufactured in such Zone by any 
person affected by the Gulf Oil Spill, 
the Secretary of the Treasury may, on a taxpayer by tax-
payer basis, extend the required date of the placement in 
service of such property under such section by such period 
of time as is determined necessary by the Secretary but 
not to exceed 1 year. For purposes of the preceding sen-
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tence, the determination shall be made by only taking into 
account the effect of the Gulf Oil spill on the date of such 
placement by the taxpayer. 
SEC. 4. GULF COAST RECOVERY BONDS. 
It is the sense of the Congress that the Secretary of 
the Treasury, or the Secretary’s delegate, should designate 
one or more series of bonds or certificates (or any portion 
thereof) issued under section 3105 of title 31, United 
States Code, as ‘‘Gulf Oil Spill Recovery Bonds’’ in re-
sponse to the Gulf Oil Spill (as defined in section 1400V– 
1 of the Internal Revenue Code of 1986). 
Æ 
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