Natural Disaster Tax Relief Act of 1993

Summary

Natural Disaster Tax Relief Act of 1993 - Amends the Internal Revenue Code to allow penalty-free distributions from individual retirement plans to pay acquisition costs to replace a principal residence that was destroyed or substantially damaged by the disasters Hurricane Andrew, Hurricane Iniki, or Typhoon Omar. Allows a farmer who has income derived from the sale or exchange of crops grown in such disaster areas, to elect to defer such income for the next taxable year. Provides a special rule for the self-employment tax. Requires the nonrecognition of gain of insurance proceeds for the contents of principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster. Allows insurance proceeds from personal property and real property to be lumped together into one common fund. Extends the time to replace a principal residence so converted from two years to four years. Waives certain requirements with respect to low-income housing in areas damaged by the disasters Hurricane Andrew, Hurricane Iniki, or Typhoon Omar. Waives the dollar limitation for home improvement loans through mortgage revenue bonds for residences in such disaster areas.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 February 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 February 1993

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• Introduced in Senate

  summary · EN · 25 February 1993

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