Fair Disaster Tax Relief Act of 2008

Summary

Fair Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide special tax rules for individuals affected by a federally declared disaster, including: (1) allowance of all personal casualty losses incurred in a federally declared disaster in excess of $500; (2) an increase in the standard tax deduction for disaster losses; (3) full expensing of business-related disaster cleanup expenses; (4) extension of the net operating loss carryback period from two to five years for disaster-related losses; and (5) allowance of tax-exempt bond financing of low-interest loans for principal residences damaged in a federally declared disaster.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 2008

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• Introduced in House (PDF)

  Introduced in House · EN · 29 July 2008

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• Introduced in House

  summary · EN · 29 July 2008

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