SA 4422. Mr. ROBERTS (for himself and Mr. BROWNBACK) submitted an amendment intended to be proposed to amendment SA 4389 submitted by Ms. LANDRIEU (for herself, Mr. COCHRAN, Mr. VITTER, and Mr. WICKER) to the amendment SA 4387 submitted by Mr. DODD (for himself and Mr. SHELBY) to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating
green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:


At the end add the following:
TITLE--DISASTER TAX RELIEF ASSISTANCE


SEC. __X. TEMPORARY TAX RELIEF FOR KIOWA COUNTY, KANSAS AND SURROUNDING AREA.
The following provisions of or relating to the Internal Revenue Code of 1986 shall apply, in addition to the areas described in such provisions, to an area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR, as in effect on the date of the enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, and determined by the President to warrant
individual or individual and public assistance from the Federal Government under such Act with respect to damages attributed to such storms and tornados:
(1) SUSPENSION OF CERTAIN LIMITATIONS ON PERSONAL CASUALTY LOSSES.--Section 1400S(b)(1) of the Internal Revenue Code of 1986, by substituting ``May 4, 2007'' for ``August 25, 2005''.
(2) EXTENSION OF REPLACEMENT PERIOD FOR NONRECOGNITION OF GAIN.--Section 405 of the Katrina Emergency Tax Relief Act of 2005, by substituting ``on or after May 4, 2007, by reason of the May 4, 2007, storms and tornados'' for ``on or after August 25, 2005, by reason of Hurricane Katrina''.
(3) EMPLOYEE RETENTION CREDIT FOR EMPLOYERS AFFECTED BY MAY 4 STORMS AND TORNADOS.--Section 1400R(a) of the Internal Revenue Code of 1986--
(A) by substituting ``May 4, 2007'' for ``August 28, 2005'' each place it appears,
(B) by substituting ``January 1, 2008'' for ``January 1, 2006'' both places it appears, and
(C) only with respect to eligible employers who employed an average of not more than 200 employees on business days during the taxable year before May 4, 2007.
(4) SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED ON OR AFTER MAY 5, 2007.--Section 1400N(d) of such Code--
(A) by substituting ``qualified Recovery Assistance property'' for ``qualified Gulf Opportunity Zone property'' each place it appears,
(B) by substituting ``May 5, 2007'' for ``August 28, 2005'' each place it appears,
(C) by substituting ``December 31, 2008'' for ``December 31, 2007'' in paragraph (2)(A)(v),
(D) by substituting ``December 31, 2009'' for ``December 31, 2008'' in paragraph (2)(A)(v),
(E) by substituting ``May 4, 2007'' for ``August 27, 2005'' in paragraph (3)(A),
(F) by substituting ``January 1, 2009'' for ``January 1, 2008'' in paragraph (3)(B), and
(G) determined without regard to paragraph (6) thereof.
(5) INCREASE IN EXPENSING UNDER SECTION 179.--Section 1400N(e) of such Code, by substituting ``qualified section 179 Recovery Assistance property'' for ``qualified section 179 Gulf Opportunity Zone property'' each place it appears.
(6) EXPENSING FOR CERTAIN DEMOLITION AND CLEAN-UP COSTS.--Section 1400N(f) of such Code--
(A) by substituting ``qualified Recovery Assistance clean-up cost'' for ``qualified Gulf Opportunity Zone clean-up cost'' each place it appears, and
(B) by substituting ``beginning on May 4, 2007, and ending on December 31, 2009'' for ``beginning on August 28, 2005, and ending on December 31, 2007'' in paragraph (2) thereof.
(7) TREATMENT OF PUBLIC UTILITY PROPERTY DISASTER LOSSES.--Section 1400N(o) of such Code.
(8) TREATMENT OF NET OPERATING LOSSES ATTRIBUTABLE TO STORM LOSSES.--Section 1400N(k) of such Code--
(A) by substituting ``qualified Recovery Assistance loss'' for ``qualified Gulf Opportunity Zone loss'' each place it appears,
(B) by substituting ``after May 3, 2007, and before on January 1, 2010'' for ``after August 27, 2005, and before January 1, 2008'' each place it appears,
(C) by substituting ``May 4, 2007'' for ``August 28, 2005'' in paragraph (2)(B)(ii)(I) thereof,
(D) by substituting ``qualified Recovery Assistance property'' for ``qualified Gulf Opportunity Zone property'' in paragraph (2)(B)(iv) thereof, and
(E) by substituting ``qualified Recovery Assistance casualty loss'' for ``qualified Gulf Opportunity Zone casualty loss'' each place it appears.
(9) TREATMENT OF REPRESENTATIONS REGARDING INCOME ELIGIBILITY FOR PURPOSES OF QUALIFIED RENTAL PROJECT REQUIREMENTS.--Section 1400N(n) of such Code.
(10) SPECIAL RULES FOR USE OF RETIREMENT FUNDS.--Section 1400Q of such Code--
(A) by substituting ``qualified Recovery Assistance distribution'' for ``qualified hurricane distribution'' each place it appears,
(B) by substituting ``on or after May 4, 2007, and before January 1, 2009'' for ``on or after August 25, 2005, and before January 1, 2007'' in subsection (a)(4)(A)(i),
(C) by substituting ``qualified storm distribution'' for ``qualified Katrina distribution'' each place it appears,
(D) by substituting ``after November 4, 2006, and before May 5, 2007'' for ``after February 28, 2005, and before August 29, 2005'' in subsection (b)(2)(B)(ii),
(E) by substituting ``beginning on May 4, 2007, and ending on November 5, 2007'' for ``beginning on August 25, 2005, and ending on February 28, 2006'' in subsection (b)(3)(A),
(F) by substituting ``qualified storm individual'' for ``qualified Hurricane Katrina individual'' each place it appears,
(G) by substituting ``December 31, 2007'' for ``December 31, 2006'' in subsection (c)(2)(A),
(H) by substituting ``beginning on June 4, 2007, and ending on December 31, 2007'' for ``beginning on September 24, 2005, and ending on December 31, 2006'' in subsection (c)(4)(A)(i),
(I) by substituting ``May 4, 2007'' for ``August 25, 2005'' in subsection (c)(4)(A)(ii), and
(J) by substituting ``January 1, 2008'' for ``January 1, 2007'' in subsection (d)(2)(A)(ii).


(As printed in the Congressional Record for the Senate on Apr 3, 2008.)