Kansas Disaster Tax Relief Assistance Act

Bill: 110-s-1532
Sponsor: Sen. Roberts, Pat [R-KS]
Introduced: 2007-05-25 in the Senate
Policy area: Taxation
Subjects: Annuities
Bonds
Capital gains tax
Commerce
Depreciation and amortization
Disaster relief
Dislocated workers
Emergency Management
Energy
Environmental Protection
Finance and Financial Sector
Housing and Community Development
Income tax
Individual retirement accounts
Kansas
Labor and Employment
Losses
Public utilities
Refuse and refuse disposal
Rental housing
Storms
Tax credits
Tax deductions
Tax exclusion
Tax-deferred compensation plans
Tornadoes
Wages

Summary:
action_date: 2007-05-25
text: 
Kansas Disaster Tax Relief Assistance Act - Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR, as in effect on the date of enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, provisions of the Internal Revenue Code allowing: (1) suspension of certain limitations on personal casualty losses; (2) an extension of the period for replacing damaged property without recognizing gain; (3) an employee retention tax credit for affected businesses through 2007; (4) 50% bonus depreciation for affected businesses; (5) increased expensing of small business assets; (6) increased expensing of demolition and cleanup costs; (7) extended net operating loss carryback periods for losses attributable to storms and tornadoes and for public utility property disaster losses; (8) relaxed income verification requirements for tenants in low-income rental projects; and (9) penalty-free withdrawals and loans from individual retirement accounts and other tax-exempt pension plans. 

action_date: 2007-05-25
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Kansas Disaster Tax Relief Assistance Act - Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR, as in effect on the date of enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, provisions of the Internal Revenue Code allowing: (1) suspension of certain limitations on personal casualty losses; (2) an extension of the period for replacing damaged property without recognizing gain; (3) an employee retention tax credit for affected businesses through 2007; (4) 50% bonus depreciation for affected businesses; (5) increased expensing of small business assets; (6) increased expensing of demolition and cleanup costs; (7) extended net operating loss carryback periods for losses attributable to storms and tornadoes and for public utility property disaster losses; (8) relaxed income verification requirements for tenants in low-income rental projects; and (9) penalty-free withdrawals and loans from individual retirement accounts and other tax-exempt pension plans. 


Legislative actions:
action_date: 2007-05-25
text: Ordered held at desk.
action_date: 2007-05-25
text: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S6967-6968; text as passed Senate: CR S6968)
action_date: 2007-05-25
text: Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S6967-6968; text as passed Senate: CR S6968)
action_date: 2007-05-25
text: Introduced in Senate