Midwestern Disaster Tax Relief Act of 2008
Latest action · Jul 23, 2008 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7167-7169)
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.
- IntroducedJul 23, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).
Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback of net operating losses, and investment in tax credit bonds; (2) increased tax deductions for tuition and related educational expenses; (3) expensing of environmental remediation costs and demolition and cleanup costs; (4) tax incentives for employer-provided housing; (5) tax-free withdrawals from retirement accounts and recontributions for home purchases; (6) employer tax credits for retention of employees; (7) suspension of limitations on tax deductions for charitable contributions and personal casualty losses; (8) mortgage revenue bonds for owner-occupied residences; (9) tax exemptions for cancellation of indebtedness; and (10) nonrecognition of gain for homes and businesses destroyed in a disaster.
Allows taxpayers in the Midwestern disaster area who claimed a tax deduction for a casualty loss to a principal residence and later received a grant under any federal or state program for reimbursement of such loss to file an amended tax return, without incurring tax penalties.
Extends through 2009 the additional tax exemption for housing displaced individuals in the Midwestern disaster area.
Excludes from gross income, through December 31, 2008, reimbursements to volunteers in the Midwestern disaster area for the use of a personal vehicle for charitable work. Increases the standard mileage rate for the charitable use of personal vehicles.
Extends through 2009 the enhanced tax deduction for charitable contributions of food inventories and of book inventories to public schools.
Requires tax-exempt charitable organizations to provide the Secretary of the Treasury with specified information, on an annual basis, relating to their disaster relief activities.
Cosponsors 11
Members who signed on, in the order they did. All signed on Jul 23, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Jul 23, 2008 |
| D-IL | Barack Obama | Original | Jul 23, 2008 |
| R-MO | Christopher S. Bond | Original | Jul 23, 2008 |
| D-MO | Claire McCaskill | Original | Jul 23, 2008 |
| D-IN | Evan Bayh | Original | Jul 23, 2008 |
| R-MN | Norm Coleman | Original | Jul 23, 2008 |
| R-KS | Pat Roberts | Original | Jul 23, 2008 |
| R-IN | Richard G. Lugar | Original | Jul 23, 2008 |
| D-IL | Richard J. Durbin | Original | Jul 23, 2008 |
| R-KS | Sam Brownback | Original | Jul 23, 2008 |
| D-IA | Tom Harkin | Original | Jul 23, 2008 |
Actions 2
Everything that happened, newest first.
- Jul 23, 2008Introduced in Senate
- Jul 23, 2008Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7167-7169)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6587 | Midwestern Disaster Tax Relief Act of 2008 | Identical bill | Jul 23, 2008 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Agriculture and Food
- Arkansas
- Arts, Culture, Religion
- Bonds
- Books
- Charitable contributions
- College costs
- Commerce
- Depreciation and amortization
- Disaster relief
- Displaced persons
- Education
- Elementary and secondary education
- Emergency Management
- Environmental Protection
- Finance and Financial Sector
- Floods
- Government Operations and Politics
- Government paperwork
- Grants-in-aid
- Higher education
- Housing and Community Development
- Housing finance
- Illinois
- Income tax
- Indiana
- Individual retirement accounts
- Inventories
- Iowa
- Kansas
- Labor and Employment
- Loans
- Losses
- Low-income housing
- Michigan
- Minnesota
- Missouri
- Mortgages
- Nebraska
- Residential rehabilitation
- Social Welfare
- Storms
- Tax credits
- Tax deductions
- Tax exclusion
- Tax exemption
- Tax penalties
- Tax returns
- Taxation
- Textbooks
- Tornadoes
- Transportation and Public Works
- Travel costs
- Volunteer workers
- Wisconsin
Text 1
Each version as it was printed, newest first.
- Jul 23, 2008Introduced in Senate
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.
