An Act, To Provide Emergency Tax Relief for Persons Affected by Hurricane Katrina, September 23, 2005, Public Law 109-73, * PDF Download
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Author: United States. Office of the Federal Register
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: United States. Office of the Federal Register
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 686
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The book provides comprehensive, timely and practical guidance to help tax professionals make sense and apply tax changes enacted in this new tax legislation.
Author: Erika K. Lunder
Publisher: Createspace Independent Pub
ISBN: 9781481907743
Category : Social Science
Languages : en
Pages : 26
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Relief after a natural or man-made disaster may come from what many might consider an unlikely source: the Internal Revenue Code (IRC). The IRC includes several tax relief provisions that apply to affected taxpayers. Some of these provisions are permanent. The following are among the permanent provisions discussed in this report: casualty loss deductions, IRC Section 165; exemption from taxation for disaster relief payments to individuals, IRC Section 139; exemption from taxation for certain insurance payments, IRC Section 123; and deferral of gain from the involuntary conversion of homes destroyed or damaged by a disaster, IRC Section 1033. In recent years, Congress has enacted tax legislation generally intended to assist victims of specific disasters; as a result, these laws were temporary in nature. One act, however, provided more general, but still temporary, relief for any federally declared disaster occurring prior to January 1, 2010. The acts providing temporary relief include the following: The Job Creation and Worker Assistance Act of 2002, P.L. 107-147, which provided tax benefits for areas of New York City damaged by the terrorist attacks of September 11, 2001; The Katrina Emergency Tax Relief Act of 2005 (KETRA), P.L. 109-73, which provided tax relief to assist the victims of Hurricane Katrina in 2005; The Gulf Opportunity Zone (GO Zone) Act of 2005, P.L. 109-135, which provided tax relief to those affected by Hurricanes Katrina, Rita, and Wilma in 2005; and The Heartland Disaster Tax Relief Act of 2008, P.L. 110-343, which provided tax relief to assist recovery from both the severe weather that affected the Midwest during the summer of 2008 and Hurricane Ike. This act also included general disaster tax relief provisions that applied to federally declared disasters occurring before January 1, 2010. This publication provides a basic overview of existing, permanent provisions that benefit victims of disasters, as well as past, targeted legislative responses to particular disasters. The relief is discussed without examining either the qualifications for or the limitation on claiming the provisions' benefits. In light of Hurricane Sandy, this publication is designed to help Congress identify previous legislative responses to recent disasters.
Author: United States. Congress. Senate
Publisher:
ISBN:
Category : Legislation
Languages : en
Pages : 1676
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Author: Susan Kalinka
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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The Hurricane Katrina Emergency Tax Relief Act of 2005 (the "Katrina Tax Act") includes a number of provisions designed to reduce the tax liability of victims of the hurricane that devastated New Orleans and other areas of the Gulf Coast. Section 405 of the Katrina Act extends the period of time taxpayers may have to replace involuntarily converted that was damaged or destroyed as a result of Hurricane Katrina property under Code Sec. 1033 without recognizing gain. In the wake of Hurricanes Katrina and Rita, the U.S. Trustee Program of the Department of Justice also announced that it has directed bankruptcy administrators to exercise "appropriate restraint and discretion favorable to hurricane victims" in applying some of the new, more restrictive requirements of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "2005 Bankruptcy Act") for natural-disaster victims. The 2005 Bankruptcy Act, which became effective on October 17, 2005, makes is harder and more expensive for persons to receive a full discharge of their debts under Chapter 7 of the Bankruptcy Code. On October 5, the Trustee Program announced a temporary waiver of the statutory requirement that bankruptcy filers take an instructional course in personal financial management. Other requirements that should be relaxed include the "means" test for determining whether debtors qualify to file for Chapter 7 relief. Bankruptcy trustees have been told to consider lost income, increased expenses, and other items resulting from the hurricanes to be "special circumstances" to be taken into account in the means test. Both the Katrina Act amendments to Code Sec. 1033 and the relaxation of the 2005 Bankruptcy Act requirements will offer welcome relief to many hurricane victims. However, partners and LLC members who own interests in partnerships that own damaged property subject to a mortgage or who receive a discharge of their shares of partnership debts may not enjoy the same relief afforded to other hurricane victims under the new rules. The problems facing such partners are not attributable to the new provisions and relaxed requirements. Instead, subchapter K provisions will trigger gain recognition to some partners who otherwise would enjoy the benefits of the Katrina Tax Act or the relaxed application of the bankruptcy laws. This article discusses the problems and suggests that the IRS should be generous in accepting offers in compromise from cash-strapped hurricane victims who suffer larger tax liabilities as a result of the decrease in their shares of partnership liabilities.
Author: United States. Congress. House
Publisher:
ISBN:
Category : Legislation
Languages : en
Pages : 2206
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Some vols. include supplemental journals of "such proceedings of the sessions, as, during the time they were depending, were ordered to be kept secret, and respecting which the injunction of secrecy was afterwards taken off by the order of the House."
Author: United States. Congress. House. Committee on the Budget
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 64
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Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 1050
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" ... Contains RIA's complete analysis of (1) H.R. 4440, the Gulf Opportunity Zone Act of 2005 ... which was signed into law on Dec. 21, 2005 ... (2) H.R. 3768, the Katrina Emergency Tax Relief Act of 2005 ... which was signed into law on Sept. 23, 2005 ... and (3) H.R. 4579, an Act to extend by one year provisions requiring parity in the application of certain limits to mental health benefits ... which was signed into law on Dec. 30, 2005"--Page vii.
Author:
Publisher: Government Printing Office
ISBN:
Category : History
Languages : en
Pages : 228
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"The objective of this report is to identify and establish a roadmap on how to do that, and lay the groundwork for transforming how this Nation- from every level of government to the private sector to individual citizens and communities - pursues a real and lasting vision of preparedness. To get there will require significant change to the status quo, to include adjustments to policy, structure, and mindset"--P. 2.
Author: United States. Congress. House
Publisher:
ISBN:
Category : Legislative calendars
Languages : en
Pages : 334
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