A bill to amend the Internal Revenue Code of 1954 to provide that an individual who suffers a casualty loss as a result of a major disaster may disregard the amount of any grant or cancellation of loan under a State disaster assistance program for purposes of determining the amount of that individual's casualty loss deduction and of determining his gross income.

Summary

Provides that an individual who suffers a casualty loss as a result of a major disaster, determined by the President to be entitled to assistance under the Disaster Relief Act, may disregard the amount of any grant or cancellation of loan under a State disaster assistance program when determining the amount of his or her casualty loss deduction or gross income under the Internal Revenue Code.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 January 1975

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 20 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 20 January 1975

  Open at official source

Sponsors

• Rep. Flood, Daniel J. [D-PA-11] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1954 to provide that an individual who suffers a casualty loss as the result of a major disaster may disregard the amount of any grant or cancellation of any loan made under a State disaster assistance program for purposes of determining the amount of that individual's casualty loss deduction and of determining his gross income.