H.R. 1434 (105th): Disaster Relief Tax Act of 1997

105th Congress, 1997–1998. Text as of Apr 24, 1997 (Introduced).

Status & Summary | PDF | Source: GPO

HR 1434 IH

105th CONGRESS

1st Session

H. R. 1434

To amend the Internal Revenue Code of 1986 to authorize the Secretary of the Treasury to postpone certain tax-related deadlines in the case of taxpayers affected by a Presidentially declared disaster, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 24, 1997

Mr. HERGER introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to authorize the Secretary of the Treasury to postpone certain tax-related deadlines in the case of taxpayers affected by a Presidentially declared disaster, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Disaster Relief Tax Act of 1997’.

SEC 2. AUTHORITY TO POSTPONE CERTAIN TAX-RELATED DEADLINES BY REASON OF PRESIDENTIALLY DECLARED DISASTER.

    (a) IN GENERAL- Chapter 77 of the Internal Revenue Code of 1986 is amended by inserting after section 7508 the following new section:

‘SEC. 7508A. AUTHORITY TO POSTPONE CERTAIN TAX-RELATED DEADLINES BY REASON OF PRESIDENTIALLY DECLARED DISASTER.

    ‘(a) IN GENERAL- In the case of a taxpayer determined by the Secretary to be affected by a Presidentially declared disaster (as defined by section 1033(h)(3)), the Secretary may prescribe regulations under which a period of up to 90 days may be disregarded in determining, under the internal revenue laws, in respect of any tax liability (including any penalty, additional amount, or addition to the tax) of such taxpayer--

      ‘(1) whether any of the acts by the taxpayer described in paragraph (1) of section 7508(a) were performed within the time prescribed therefor, and

      ‘(2) the amount of any credit or refund.

    ‘(b) INTEREST ON OVERPAYMENTS AND UNDERPAYMENTS- Subsection (a) shall not apply for the purpose of determining interest on any overpayment or underpayment.’

    (b) CLERICAL AMENDMENT- The table of sections for chapter 77 of such Code is amended by inserting after the item relating to section 7508 the following new item:

‘Sec. 7508A. Authority to postpone certain tax-related deadlines by reason of presidentially declared disaster.’

    (c) EFFECTIVE DATE- The amendments made by this section shall apply with respect to any period for performing an act that has not expired before the date of the enactment of this Act.

SEC. 3. USE OF CERTAIN APPRAISALS TO ESTABLISH AMOUNT OF DISASTER LOSS.

    (a) IN GENERAL- Subsection (i) of section 165 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

      ‘(4) USE OF DISASTER LOAN APPRAISALS TO ESTABLISH AMOUNT OF LOSS- Nothing in this title shall be construed to prohibit the Secretary from prescribing regulations or other guidance under which an appraisal for the purpose of obtaining a loan of Federal funds or a loan guarantee from the Federal Government as a result of a Presidentially declared disaster (as defined by section 1033(h)(3)) may be used to establish the amount of any loss described in paragraph (1) or (2).’

    (b) EFFECTIVE DATE- The amendment made by subsection (a) shall take effect on the date of the enactment of this Act.