Helene Recovery Support Act

Bill: 118-hr-10088
Sponsor: full_name: Rep. Foxx, Virginia [R-NC-5]
Introduced: 2024-11-01
Policy area: Emergency Management
Latest action: action_date: 2024-11-02
text: Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 10088 IN THE HOUSE OF REPRESENTATIVES November 1, 2024 Ms. Foxx (for herself, Mr. Dunn of Florida , and Mr. Griffith ) introduced the following bill; which was referred to the Committee on Transportation and Infrastructure , and in addition to the Committees on Appropriations , Ways and Means , Financial Services , and Small Business , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To appropriate certain amounts to provide assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, to rescind certain unobligated balances, and to establish additional new markets tax credit for low-income communities affected by Hurricanes Helene and Milton, and for other purposes.

1. Short title This Act may be cited as the Helene Recovery Support Act . 2. Appropriations for Disaster Relief Fund In addition to amounts otherwise available, there is appropriated, out of any money in the Treasury not otherwise appropriated, $12,500,000,000 to the Administrator of the Federal Emergency Management Agency to provide assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5121 et seq. ) in response to areas affected by an emergency or major disaster declared under such Act. 3. Rescission of funds Of the unobligated balances made available to the Pension Benefit Guaranty Corporation, $15,000,000,000 are rescinded. 4. Economic injury disaster loans In addition to amounts otherwise available, there is appropriated, out of any money in the Treasury not otherwise appropriated, $1,500,000,000 to the Administrator of the Small Business Administration to make or guarantee loans under section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ) to persons located in areas affected by an emergency or major disaster declared under the Robert T. Stafford Disaster Relief and Economic Assistance Act ( 42 U.S.C. 5121 et seq. ). 5. Additional new markets tax credit for low-income communities affected by Hurricanes Helene and Milton (a) In general For purposes of section 45D of the Internal Revenue Code of 1986, there is an additional new markets tax credit limitation amount of $1,000,000,000 for calendar year 2024. (b) Restriction to low-Income communities affected by Hurricanes Helene and Milton The additional limitation amount under subsection (a) shall be allocated by the Secretary of the Treasury (or the Secretary’s delegate) under section 45D(f)(2) of such Code only for use with respect to that portion of any low-income community which is located in any area— (1) with respect to which a major disaster has been declared by the President (before the date of the enactment of this Act) under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of Hurricane Helene or Hurricane Milton, and (2) which has been determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act by reason of such hurricanes. (c) Carryover of unused limitation Paragraph (3) of section 45D(f) of such Code shall be applied separately with respect to the additional limitation amount under subsection (a) and the requirement of subsection (b) shall continue to apply to any such additional limitation amount carried forward under such paragraph. 6. Termination Beginning on the date of the enactment of this Act, no Federal funds are authorized to be appropriated or otherwise made available to the Shelter and Services Program of the Federal Emergency Management Agency, as in effect on the day before such date of enactment, or to any successor or similar program. 7. Transfer of appropriations The unobligated balances of all amounts appropriated or otherwise made available to the Shelter and Services Program of the Federal Emergency Management Agency as of the day before the date of the enactment of this Act shall be transferred to and merged with amounts otherwise made available for necessary expenses to carry out the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5121 et seq. ).