ABSTRACT

Technical Explanation of H.R. 7006, the 'Disaster Tax Relief Act of 2008'   [open pdf - 129KB]

The provisions in the Disaster Tax Relief Act of 2008 waive the "10 percent of adjusted gross income limitation for a 'net disaster loss.' The term 'net disaster loss' means the excess of personal casualty losses attributable to a 'Federally declared disaster' occurring after December 31, 2007, and before January 1, 2012, occurring in a 'disaster area,' over personal casualty gains. The term 'Federally declared disaster' means any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. The term 'disaster area' means the area so determined to warrant assistance."

Report Number:
JCX-73-08
Publisher:
Date:
2008-09-24
Copyright:
Public Domain
Retrieved From:
U.S. Joint Committee on Taxation: http://www.jct.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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