Congress 107 - HR 1669 - Earthquake Loss Reduction Act of 2001

Sponsor

Cosponsors

Topics

Accounting Business income tax Business losses Commerce Construction costs Crime and Law Enforcement Depreciation and amortization Disaster relief Earth movements and building Earthquake engineering Earthquakes Economics and Public Finance Education Elementary and secondary education Emergency Management Federal aid to health facilities Federal aid to higher education Federal aid to hospitals Federal aid to Indians Finance and Financial Sector Fire departments Government Operations and Politics Government trust funds Health Higher education Home repair and improvement Housing and Community Development Housing finance Income tax Infrastructure Infrastructure (Economics) Minorities Mortgage guaranty insurance Mortgage loans Municipal buildings Partnerships Personal income tax Police School buildings Tax administration Tax credits Tax deductions Tax-exempt securities Taxation

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Votes

Summary

Earthquake Loss Reduction Act of 2001 - Amends the Internal Revenue Code to allow a nonrefundable personal credit of 50 percent of so much of the qualified seismic retrofit expenses (principal residence earthquake retrofit expenses) incurred during a taxable year that does not exceed $6,000. Provides a five-year recovery period for the depreciation of qualified seismic retrofit expenses. Authorizes the issuance of qualified seismic retrofitting bonds, 95 percent of the proceeds of which must be used for seismic retrofitting expenditures. Provides an exemption from passive activity loss restrictions for any seismic retrofitting activity engaged in during a taxable year.

Amends the Earthquake Hazards Reduction Act of 1977 to authorize the Director of the Federal Emergency Management Agency to establish a grant program to provide financial assistance to certain local governments, public or nonprofit private hospitals, or public institutions of higher education to pay the Federal share of the cost of carrying out earthquake disaster mitigation and recovery planning measures with respect to critical facilities and infrastructures (disaster response facilities, hospital and medical facilities) under the jurisdiction of such recipients. Allows grant funds to be used to retrofit such facilities and infrastructures, implement earthquake disaster mitigation measures, or develop earthquake disaster recovery plans. Establishes the Loss Reduction Trust Fund for grant payments.

Actions

May 14, 2001

Referred to the Subcommittee on Housing and Community Opportunity, for a period to be subsequently determined by the Chairman.
May 9, 2001

Referred to the Subcommittee on Research.
May 1, 2001

Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Science, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 1, 2001

Introduced in House

Amendments

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