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United States · Bill · HR

H.R. 7006 (110th)

Disaster Tax Relief Act of 2008

openUnited States· United States Congress· EN

Introduced

23 September 2008

Last action

Status

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129.

Sponsors

Subjects

Discovery layer

Source updated

7 April 2025

Summary

Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to: (1) waive certain limitations on the tax deduction for personal casualty losses attributable to a federally declared disaster occurring after December 31, 2007, and before January 1, 2012; (2) allow expensing of business-related costs for abatement or control of hazardous substances, removal of debris, and repairs related to a federally declared disaster; (3) allow a five year net operating loss carryback period for losses attributable to a federally declared disaster; (4) waive the first-time homebuyer requirement and other requirements for mortgage revenue bond financing of residences in a disaster area; (5) increase the standard mileage rate for the tax deduction for the use of a passenger automobile for charitable purposes; (6) provide additional allocations under the low-income housing tax credit for property affected by a federally declared disaster; (7) expand tax-exempt private activity bond financing to included qualified disaster bonds; and (8) suspend limitations on the charitable tax deduction for disaster relief contributions.

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Documents

8 official files

Placed on Calendar Senate (text)

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Sources

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