Kansas Disaster Tax Relief Assistance Act

Summary

Kansas Disaster Tax Relief Assistance Act - Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR) by reason of severe storms and tornados beginning on May 4, 2007 (qualifying area) provisions of the Internal Revenue Code allowing: (1) suspension of certain limitations on personal casualty losses; (2) an extension of the period for replacing damaged property without recognizing gain; (3) an employee retention tax credit for affected businesses through 2007; (4) 50% bonus depreciation for affected businesses; (5) increased expensing of small business assets; (6) expensing of demolition and cleanup costs; (7) extended net operating loss carryback periods for losses attributable to storms and tornadoes and for public utility property disaster losses; (8) relaxed income verification requirements for tenants in low-income rental projects; and (9) penalty-free withdrawals and loans from individual retirement accounts and other tax-exempt pension plans. Directs the Secretary of Education to carry out a program of student loan repayment for college graduates residing or employed in a qualifying area. Amends the Internal Revenue Code with respect to individuals in a qualifying area to allow: (1) a tax credit for the lesser of 10% or $5,000 of the purchase price of a principal residence; (2) a capital loss deduction for the sale or exchange of a principal residence; and (3) the establishment of tax-exempt homestead accounts for the payment of education, business, medical, and other expenses. Allows: (1) business-related tax credits for investment in certain buildings and small businesses in rural areas; and (2) accelerated deprecation of investment property in rural areas.

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

Timeline

1. 17 May 2007

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 17 May 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 May 2007 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 May 2007

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 May 2007

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 17 May 2007

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Roberts, Pat [R-KS] · R · Sponsor
• Sen. Brownback, Sam [R-KS] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Kansas Disaster Tax Relief Assistance Act
• related to → Kansas Flood Recovery and Economic Opportunity Act of 2007
• related to → Kansas Disaster Tax Relief Assistance Act
• amends ← SAMDT 1193