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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 13, 2001.
Victims of Terrorism Tax Relief Act of 2001 - Title I: Relief Provisions for Victims of Terrorist Attacks - Exempts from income taxes any individual who dies as a result of wounds or injury incurred from the terrorist attacks against the United States on April 19, 1995, or September 11, 2001, or who dies as a result of illness incurred from a terrorist attack involving anthrax occurring on or after September 11, 2001, and before January 1, 2002 (such attacks).(Sec. 102) Excludes from gross income certain death benefits paid by an employer to a victim of such attacks.(Sec. 103) Sets special (lowered) estate tax rates applicable to: (1) combat zone related deaths of members of the armed forces; and (2) victims of such attacks.(Sec. 104) Provides for the treatment of payments by charitable organizations as a result of such attacks as exempt payments.Title II: Other Relief Provisions - Excludes from gross income qualified disaster relief payments. Defines a qualified disaster as: (1) a disaster which results from a terroristic or military action; (2) a Presidentially declared disaster; (3) a disaster which results from an accident involving a common carrier, or from any other event, which is determined by the Secretary to be of a catastrophic nature; or (4) a disaster which is determined by a Federal, State, or local authority (as determined by the Secretary) to warrant assistance from a Federal, State, or local government or agency.(Sec. 202) Provides for the extension of certain tax deadlines due to a presidentially declared disaster or terroristic or military actions.(Sec. 203) Excludes from gross income disability income received due to a terroristic or military action which occurred either inside or outside the United States.Removes the restriction applicable to the exclusion of taxes for certain U.S. military or civilian employees dying as a result of injuries that such injuries be sustained overseas, thus providing for nontaxation in the event of sustaining such injuries within the United States.(Sec. 204) Amends the Air Transportation Safety and System Stabilization Act to redefine the term airline-related deposit.(Sec. 205) Imposes an excise tax on persons acquiring structured settlement payment rights in structured settlement factoring transactions, subject to exception.(Sec. 206) Revises the special rules for credits and deductions concerning estates, trusts, and beneficiaries to allow each: (1) estate a $600 deduction; (2) trust a $100 deduction; (3) trust which, under its governing instrument, is required to distribute all of its income currently a deduction of $300; and (4) qualified disability trust a deduction equal to the personal exemption amount. States that such deductions shall be in lieu of personal exemptions.Title III: Tax Benefits for Area of New York City Damaged in Terrorist Attacks on September 11, 2001 - Provides specified temporary tax benefits for the New York Liberty Zone (NYLZ) (September 11, 2001-damaged area). Allows through 2006: (1) additional depreciation (30 percent) as specified for qualified property acquired after September 10, 2001; and (2) a five-year recovery period for depreciation of certain qualified leasehold improvement property (interior of nonresidential real property), as specified.Increases the aggregate dollar limitation for the expensing of certain depreciable business assets (section 179), as specified.Treats qualified New York Liberty Bonds as tax-exempt facility bonds, subject to a maximum aggregate amount, as specified.Extends the replacement period for nonrecognition of gain from two to five years for certain property involuntarily converted as a result of the terrorist attacks in the NYLZ.Title IV: Disclosure of Tax Information in Terrorism and National Security Investigations - Sets forth rules permitting the disclosure of specified tax information to appropriate Federal agencies engaged in terrorism and national security investigations. Prohibits such disclosures after December 31, 2003.Title V: No Impact on Social Security Trust Funds - States that nothing in this Act shall be construed to alter or amend title II (Old Age, Survivors and Disability Insurance) of the Social Security Act.