A bill to amend the Internal Revenue Code of 1954 to provide that certain losses from shoreline erosion shall be deductible for purposes of the individual income tax.

Summary

Amends the Internal Revenue Code to provide that losses from shoreline erosion shall be deductible from gross income by individuals to the extent that such loss exceeds $500. Defines the term "shoreline erosion" to mean erosion by: (1) the waters of any of the Great Lakes or Lake St. Clair if the waters of the lake were above the average monthly level for the period of record (as determined by the Secretary of Commerce) for six consecutive months during a 12 month period prior to the loss; or (2) the waters of any ocean, sea, gulf, sound, bay, or inlet adjacent thereto if the loss is directly attributable to erosion caused by a single storm or a series of storms during the taxable year.

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1 official file

• Introduced in House

  summary · EN · 20 May 1976

  Open at official source

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