H.R. 5273 · 111th Congress
National Disaster Tax Extenders Act
- Stage
- In committee
- Sponsor
- Jim Langevin
- Introduced
- 2010-05-11
- Latest action
- 2010-05-11 · Introduced in House
Summary
National Disaster Tax Extenders Act - Amends the Internal Revenue Code to exclude a casualty loss tax deduction for disaster losses sustained after December 31, 2009, and before January 1, 2011, from an individual's gross income in determining adjusted gross income. Extends through 2010: (1) such casualty loss deduction; (2) expensing of disaster abatement and cleanup expenses; (3) the five-year carryback period of net operating losses attributable to federally declared disasters; and (4) the special depreciation allowance for qualified disaster assistance property.