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H.R. 7006: Disaster Tax Relief Act of 2008

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H.R. 7006: Disaster Tax Relief Act of 2008

110th Congress · introduced 2008-09-23 · Taxation · Latest: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-09-23 · official record
  2. Who proposed it: Rep. Rangel, Charles B. [D-NY-15] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 635 (2008): On Motion to Suspend the Rules and Pass, HR7006 (2008-09-24), Passed. See all
  4. Where it stands now: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 1129. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Disaster Tax Relief Act of 2008

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax relief in federally declared disaster areas. (Sec. 2) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring after December 31, 2007, and before January 1, 2012. Defines "federally declared disaster" as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act. Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains). Increases the threshold for deductible casualty losses from $100 to $500 for taxable years beginning after December 31, 2008, and before January 1, 2012. (Sec. 3) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property. (Sec. 4) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income. (Sec. 5) Waives certain restrictions on mortgage revenue bond financing for principal residences destroyed due to a federally declared disaster occurring between January 1, 2008, and December 31, 2011. (Sec. 6) Increases, until December 31, 2011, the standard mileage rate used to compute the tax deduction for the use of a passenger automobile for charitable purposes to the same rate used for deducting travel expenses related to medical care (currently, 27 cents per mile). (Sec. 7) Authorizes additional allocations to states (up to $190 million) of the low-income housing tax credit for federally declared disasters occurring between January 1, 2008, and December 31, 2011. Prohibits allocations after December 31, 2012. (Sec. 8) Expands tax-exempt private activity bonds to include qualified disaster bonds used to finance the replacement, repair, reconstruction or renovation of depreciable property damaged or destroyed as a result of a federally declared disaster occurring between January 1, 2008, and December 31, 2011. Grants priority in allocating bond amounts to business loss disaster areas (i.e., areas sustaining damages from a disaster of at least the lesser of $50 million or 5% of all business property in the disaster area). Requires all allocations to be made prior to December 31, 2012. (Sec. 9) Waives limitations on individual and corporate charitable contributions for qualified disaster contributions. Defines "qualified disaster contribution" as any charitable contribution paid prior to January 1, 2010, to a public charity for relief efforts related to a federally declared disaster.

Congressional Research Service summary (Passed House without amendment), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Disaster Tax Relief Act of 2008

Source: Congressional Research Service summary (Passed House without amendment)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Rangel, Charles B. [D-NY-15] · 12 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard E. Neal (D-MA), Mike Thompson (D-CA), Chris Van Hollen (D-MD)

Recorded votes

Words on this page, explained (1)
Bond
A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-hr7006 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110