S 424 · 107th Congress 2001–2003, ended

Earthquake Loss Reduction Act of 2001

Latest action · Mar 1, 2001 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1757-1760)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMar 1, 2001
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Requires the Director of the U.S. Geological Survey to establish and operate an advanced national seismic research and monitoring system and to submit to Congress a five-year management plan for such system.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateFinance Committee
Referred Mar 1, 2001

Actions 3

Everything that happened, newest first.

  1. Mar 1, 2001Introduced in Senate
  2. Mar 1, 2001Sponsor introductory remarks on measure. (CR S1754-1757)
  3. Mar 1, 2001Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1757-1760)

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
SenateDebate and remarks S1754–S1757Text printed S1757–S1760Dianne Feinstein D-CA (text)Mar 1, 2001

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
A bill to provide incentives to encourage private sector efforts to reduce earthquake losses, to establish a national disaster mitigation program, and for other purposes.
Short Titles as Introduced
Earthquake Loss Reduction Act of 2001

Subjects

Assigned by the Library of Congress. Policy area: Emergency Management.

Text 1

Each version as it was printed, newest first.

  1. Mar 1, 2001Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.