[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7006 Engrossed in House (EH)]
110th CONGRESS
2d Session
H. R. 7006
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to provide disaster
assistance relief.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE, ETC.
(a) In General.--This Act may be cited as the ``Disaster Tax Relief
Act of 2008''.
(b) Reference.--Except as otherwise expressly provided, whenever in
this Act an amendment or repeal is expressed in terms of an amendment
to, or repeal of, a section or other provision, the reference shall be
considered to be made to a section or other provision of the Internal
Revenue Code of 1986.
(c) Table of Contents.--The table of contents of this Act is as
follows:
Sec. 1. Short title, etc.
Sec. 2. Losses attributable to federally declared disasters.
Sec. 3. Expensing of qualified disaster expenses.
Sec. 4. Net operating losses attributable to federally declared
disasters.
Sec. 5. Waiver of certain mortgage revenue bond requirements following
federally declared disasters.
Sec. 6. Determination of standard mileage rate for charitable
contributions deduction.
Sec. 7. Additional low income housing allocations.
Sec. 8. Private activity disaster bonds.
Sec. 9. Waiver of limitation on charitable contributions for disaster
relief.
SEC. 2. LOSSES ATTRIBUTABLE TO FEDERALLY DECLARED DISASTERS.
(a) Waiver of Adjusted Gross Income Limitation.--
(1) In general.--Subsection (h) of section 165 is amended
by redesignating paragraphs (3) and (4) as paragraphs (4) and
(5), respectively, and by inserting after paragraph (2) the
following new paragraph:
``(3) Special rule for losses in federally declared
disasters.--
``(A) In general.--If an individual has a net
disaster loss for any taxable year, the amount
determined under paragraph (2)(A)(ii) shall be the sum
of--
``(i) such net disaster loss, and
``(ii) so much of the excess referred to in
the matter preceding clause (i) of paragraph
(2)(A) (reduced by the amount in clause (i) of
this subparagraph) as exceeds 10 percent of the
adjusted gross income of the individual.
``(B) Net disaster loss.--For purposes of
subparagraph (A), the term `net disaster loss' means
the excess of--
``(i) the personal casualty losses--
``(I) attributable to a federally
declared disaster occurring after
December 31, 2007, and before January
1, 2012, and
``(II) occurring in a disaster
area, over
``(ii) personal casualty gains.
``(C) Federally declared disaster.--For purposes of
this paragraph--
``(i) Federally declared disaster.--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.
``(ii) Disaster area.--The term `disaster
area' means the area so determined to warrant
such assistance.''.
(2) Conforming amendments.--
(A) Section 165(h)(4)(B) (as so redesignated) is
amended by striking ``paragraph (2)'' and inserting
``paragraphs (2) and (3)''.
(B) Section 165(i)(1) is amended by striking
``loss'' and all that follows through ``Act'' and
inserting ``loss occurring in a disaster area (as
defined by clause (ii) of subsection (h)(3)(C)) and
attributable to a federally declared disaster (as
defined by clause (i) of such subsection)''.
(C) Section 165(i)(4) is amended by striking
``Presidentially declared disaster (as defined by
section 1033(h)(3))'' and inserting ``federally
declared disaster (as defined by subsection
(h)(3)(C)(i)''.
(D)(i) So much of subsection (h) of section 1033 as
precedes subparagraph (A) of paragraph (1) thereof is
amended to read as follows:
``(h) Special Rules for Property Damaged by Federally Declared
Disasters.--
``(1) Principal residences.--If the taxpayer's principal
residence or any of its contents is located in a disaster area
and is compulsorily or involuntarily converted as a result of a
federally declared disaster--''.
(ii) Paragraph (2) of section 1033(h) is amended by
striking ``investment'' and all that follows through
``disaster'' and inserting ``investment is located in a
disaster area and is compulsorily or involuntarily
converted as a result of a federally declared
disaster''.
(iii) Paragraph (3) of section 1033(h) is amended
to read as follows:
``(3) Federally declared disaster; disaster area.--The
terms ``federally declared disaster'' and ``disaster area''
shall have the respective meaning given such terms by section
165(h)(3)(C).''.
(iv) Section 139(c)(2) is amended to read as
follows:
``(2) federally declared disaster (as defined by section
165(h)(3)(C)(i)),''.
(v) Subclause (II) of section 172(b)(1)(F)(ii) is
amended by striking ``Presidentially declared disasters
(as defined in section 1033(h)(3))'' and inserting
``federally declared disasters (as defined by section
165(h)(3)(C)(i))''.
(vi) Subclause (III) of section 172(b)(1)(F)(ii) is
amended by striking ``Presidentially declared
disasters'' and inserting ``federally declared
disasters''.
(vii) Subsection (a) of section 7508A is amended by
striking ``Presidentially declared disaster (as defined
in section 1033(h)(3))'' and inserting ``federally
declared disaster (as defined by section
165(h)(3)(C)(i))''.
(b) Increase in Standard Deduction by Disaster Casualty Loss.--
(1) In general.--Paragraph (1) of section 63(c) is amended
by striking ``and'' at the end of subparagraph (B), by striking
the period at the end of subparagraph (C) and inserting ``,
and'', and by adding at the end the following new subparagraph:
``(D) the disaster loss deduction.''.
(2) Disaster loss deduction.--Subsection (c) of section 63
is amended by adding at the end the following new paragraph:
``(8) Disaster loss deduction.--For the purposes of
paragraph (1), the term `disaster loss deduction' means the net
disaster loss (as defined in section 165(h)(3)(B)).''.
(3) Allowance in computing alternative minimum taxable
income.--Subparagraph (E) of section 56(b)(1) is amended by
adding at the end the following new sentence: ``The preceding
sentence shall not apply to so much of the standard deduction
as is determined under section 63(c)(1)(D).''.
(c) Increase in Limitation on Individual Loss Per Casualty.--
Paragraph (1) of section 165(h) is amended by striking ``$100'' and
inserting ``$500 ($100 for taxable years beginning after December 31,
2011)''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to--
(A) taxable years beginning after December 31,
2007, and
(B) the taxpayer's last taxable year beginning
before January 1, 2008, solely for purposes of
determining the amount allowable as a deduction with
respect to any net disaster loss (as defined in section
165(h)(3)(B) of the Internal Revenue Code of 1986) for
such year by reason of an election under section 165(i)
of such Code.
(2) Increase in limitation on individual loss per
casualty.--The amendment made by subsection (c) shall apply to
taxable years beginning after December 31, 2008.
SEC. 3. EXPENSING OF QUALIFIED DISASTER EXPENSES.
(a) In General.--Part VI of subchapter B of chapter 1 is amended by
inserting after section 198 the following new section:
``SEC. 198A. EXPENSING OF QUALIFIED DISASTER EXPENSES.
``(a) In General.--A taxpayer may elect to treat any qualified
disaster expenses which are paid or incurred by the taxpayer as an
expense which is not chargeable to capital account. Any expense which
is so treated shall be allowed as a deduction for the taxable year in
which it is paid or incurred.
``(b) Qualified Disaster Expense.--For purposes of this section,
the term `qualified disaster expense' means any expenditure--
``(1) which is paid or incurred in connection with a trade
or business or with business-related property,
``(2) which is--
``(A) for the abatement or control of hazardous
substances that were released on account of a federally
declared disaster,
``(B) for the removal of debris from, or the
demolition of structures on, real property which is
business-related property damaged or destroyed as a
result of a federally declared disaster, or
``(C) for the repair of business-related property
damaged as a result of a federally declared disaster,
and
``(3) is otherwise chargeable to capital account.
``(c) Other Definitions.--For purposes of this section--
``(1) Business-related property.--The term `business-
related property' means property--
``(A) held by the taxpayer for use in a trade or
business or for the production of income, or
``(B) described in section 1221(a)(1) in the hands
of the taxpayer.
``(2) Federally declared disaster.--The term `federally
declared disaster' has the meaning given such term by section
165(h)(3)(C)(i), except that such term shall not include any
disaster occurring before January 1, 2008, or after December
31, 2011.
``(d) Deduction Recaptured as Ordinary Income on Sale, etc.--Solely
for purposes of section 1245, in the case of property to which a
qualified disaster expense would have been capitalized but for this
section--
``(1) the deduction allowed by this section for such
expense shall be treated as a deduction for depreciation, and
``(2) such property (if not otherwise section 1245
property) shall be treated as section 1245 property solely for
purposes of applying section 1245 to such deduction.
``(e) Coordination With Other Provisions.--Sections 198, 280B, and
468 shall not apply to amounts which are treated as expenses under this
section.
``(f) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
section.''.
(b) Clerical Amendment.--The table of sections for part VI of
subchapter B of chapter 1 is amended by inserting after the item
relating to section 198 the following new item:
``Sec. 198A. Expensing of Qualified Disaster Expenses.''.
(c) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred after December 31, 2007.
SEC. 4. NET OPERATING LOSSES ATTRIBUTABLE TO FEDERALLY DECLARED
DISASTERS.
(a) In General.--Paragraph (1) of section 172(b) is amended by
adding at the end the following new subparagraph:
``(J) Certain losses attributable federally
declared disasters.--In the case of a taxpayer who has
a qualified disaster loss (as defined in subsection
(j)), such loss shall be a net operating loss carryback
to each of the 5 taxable years preceding the taxable
year of such loss.''.
(b) Qualified Disaster Loss.--Section 172 is amended by
redesignating subsections (j) and (k) as subsections (k) and (l),
respectively, and by inserting after subsection (i) the following new
subsection:
``(j) Rules Relating to Qualified Disaster Losses.--For purposes of
this section--
``(1) In general.--The term `qualified disaster loss' means
the lesser of--
``(A) the sum of--
``(i) the losses allowable under section
165 for the taxable year--
``(I) attributable to a federally
declared disaster (as defined in
section 165(h)(3)(C)(i)) occurring
after December 31, 2007, and before
January 1, 2012, and
``(II) occurring in a disaster area
(as defined in section
165(h)(3)(C)(ii)), and
``(ii) the deduction for the taxable year
for qualified disaster expenses which is
allowable under section 198A(a) or which would
be so allowable if not otherwise treated as an
expense, or
``(B) the net operating loss for such taxable year.
``(2) Coordination with subsection (b)(2).--For purposes of
applying subsection (b)(2), a qualified disaster loss for any
taxable year shall be treated in a manner similar to the manner
in which a specified liability loss is treated.
``(3) Election.--Any taxpayer entitled to a 5-year
carryback under subsection (b)(1)(J) from any loss year may
elect to have the carryback period with respect to such loss
year determined without regard to subsection (b)(1)(J). Such
election shall be made in such manner as may be prescribed by
the Secretary and shall be made by the due date (including
extensions of time) for filing the taxpayer's return for the
taxable year of the net operating loss. Such election, once
made for any taxable year, shall be irrevocable for such
taxable year.''.
(c) Loss Deduction Allowed in Computing Alternative Minimum Taxable
Income.--Subsection (d) of section 56 is amended by adding at the end
the following new paragraph:
``(3) Net operating loss attributable to federally declared
disasters.--In the case of a taxpayer which has a qualified
disaster loss (as defined by section 172(b)(1)(J)) for the
taxable year, paragraph (1) shall be applied by increasing the
amount determined under subparagraph (A)(ii)(I) thereof by the
sum of the carrybacks and carryovers of such loss.''.
(d) Conforming Amendments.--
(1) Clause (ii) of section 172(b)(1)(F) is amended by
inserting ``or qualified disaster loss (as defined in
subsection (j))'' before the period at the end of the last
sentence.
(2) Paragraph (1) of section 172(i) is amended by adding at
the end the following new flush sentence:
``Such term shall not include any qualified disaster loss (as
defined in subsection (j)).''.
(e) Effective Date.--The amendments made by this section shall
apply to net operating losses for taxable years beginning after
December 31, 2007.
SEC. 5. WAIVER OF CERTAIN MORTGAGE REVENUE BOND REQUIREMENTS FOLLOWING
FEDERALLY DECLARED DISASTERS.
(a) In General.--Paragraph (11) of section 143(k) is amended to
read as follows:
``(11) Special rules for federally declared disasters.--
``(A) Principal residence destroyed.--If the
principal residence (within the meaning of section 121)
of a taxpayer is--
``(i) rendered unsafe for use as a
residence by reason of a federally declared
disaster, or
``(ii) demolished or relocated by reason of
an order of the government of a State or
political subdivision thereof on account of a
federally declared disaster,
then for the 2-year period beginning on the date of the
disaster declaration, subsection (d)(1) shall not apply
with respect to such taxpayer and subsection (e) shall
be applied by substituting `110' for `90' in paragraph
(1) thereof.
``(B) Principal residence damaged.--
``(i) In general.--If the principal
residence (within the meaning of section 121)
of a taxpayer resulting from a federally
declared disaster, was damaged, any owner-
financing provided in connection with the
repair or reconstruction of such residence
shall be treated as a qualified rehabilitation
loan.
``(ii) Limitation.--The aggregate owner-
financing to which clause (i) applies shall not
exceed the lesser of--
``(I) the cost of such repair or
reconstruction, or
``(II) $150,000.
``(C) Federally declared disaster.--For purposes of
this paragraph, the term `federally declared disaster'
has the meaning given such term by section
165(h)(3)(C)(i), except that such term shall not
include any disaster occurring before January 1, 2008,
or after December 31, 2011.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply to obligations issued after the date of the enactment of this
Act.
SEC. 6. DETERMINATION OF STANDARD MILEAGE RATE FOR CHARITABLE
CONTRIBUTIONS DEDUCTION.
(a) In General.--Subsection (i) of section 170 (relating to
standard mileage rate for use of passenger automobile) is amended by
adding at the end the following new sentence: ``In the case of the use
of a passenger automobile after the date of the enactment of this
sentence and before January 1, 2012, the standard mileage rate shall be
the rate determined by the Secretary, which rate shall not be less than
the standard mileage rate used for purposes of section 213.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years ending after the date of the enactment of this Act.
SEC. 7. ADDITIONAL LOW INCOME HOUSING ALLOCATIONS.
(a) In General.--Subsection (h) of section 42 of is amended by
redesignating paragraph (8) as paragraph (9) and by inserting after
paragraph (7) the following new paragraph:
``(8) Additional allocations for disasters.--
``(A) In general.--In addition to any other
allocation made under this subsection, the Secretary
may, upon application by any State, make allocations of
housing credit dollar amounts to such State for
allocation to buildings in such State consistent with
the requirements of subparagraph (C).
``(B) Limitations.--The aggregate qualified
disaster allocations made by the Secretary under this
paragraph may not exceed $190,000,000. Any allocation
which is terminated by the Secretary (by reason of
disuse or otherwise) shall not be treated as having
been allocated for purposes of the preceding sentence.
``(C) Disaster housing allocations.--For purposes
of this section--
``(i) In general.--Allocations under this
paragraph may be made by the Secretary only to
States which include a disaster area.
``(ii) Priority for housing loss disaster
areas.--In making allocation under this
paragraph, the Secretary shall give priority to
housing loss disaster areas.
``(iii) Limitation to buildings located in
housing loss disaster areas.--Any allocation of
housing credit dollar amounts under this
paragraph may be allocated by such State (or a
housing credit agency of such State) only to--
``(I) buildings located in a
disaster area, and
``(II) in the case of any
allocation made by reason of a priority
under clause (ii), buildings located in
the housing loss disaster area with
respect to which such priority was
given.
``(iv) Pro rata allocations.--The
allocations made by the Secretary under this
paragraph shall be made ratably over the period
described in subparagraph (F) unless the
Secretary determines, on the basis of the
severity or frequency of disasters, that a
different allocation is appropriate.
``(D) Housing loss disaster area.--For purposes of
this paragraph, the term `housing loss disaster area'
means any county or municipality--
``(i) with respect to which the Governor of
the State in which such county or municipality
is located demonstrates to the satisfaction of
the Secretary that the lesser of--
``(I) 1,000 dwelling units, or
``(II) 10 percent of the dwelling
units located in such county or
municipality,
have been rendered uninhabitable by reason of
damage to or destruction of such units caused
by a federally declared disaster, and
``(ii) which is located in a disaster area.
``(E) Definitions and special rules.--For purposes
of this paragraph--
``(i) Federally declared disaster; disaster
area.--The terms ``federally declared
disaster'' and ``disaster area'' shall have the
respective meaning given such terms by section
165(h)(3)(C).
``(ii) No effect on carryovers.--An
allocation of housing credit dollar amount to a
State under this paragraph shall not be taken
into account under paragraph (3).
``(iii) Consultation with fema.--Any
allocation made under this paragraph by the
Secretary shall be made after consultation with
the Director of the Federal Emergency
Management Agency.
``(F) Termination.--Allocations under this
paragraph may be made only with respect to disasters
occurring during the period beginning on January 1,
2008, and ending on December 31, 2011. No allocation
under this paragraph may be made to any building after
December 31, 2012.''.
(b) Effective Date.--The amendment made by this section shall apply
to allocations made after the date of the enactment of this Act.
SEC. 8. PRIVATE ACTIVITY DISASTER BONDS.
(a) In General.--Section 144 is amended by adding at the end the
following new subsection:
``(d) Qualified Disaster Bond.--
``(1) In general.--For purposes of this part, the term
`qualified disaster bond' means any bond issued as part of an
issue if--
``(A) 95 percent or more of the net proceeds of the
issue are to be used for the replacement, repair,
reconstruction, or renovation of property of a
character subject to the allowance for depreciation
which was damaged or destroyed as a result of a
federally declared disaster, and
``(B) such bond is designated by a State for
purposes of this subsection.
``(2) Designation of bonds.--
``(A) Designation by state.--The maximum aggregate
face amount of bonds designated under paragraph (1)(B)
by any State may not exceed the bond limitation
allocated to such State by the Secretary under
subparagraph (B).
``(B) Allocation of bond limitation.--
``(i) In general.--The Secretary may, upon
application by any State, make allocation of
bond limitation to such State if such State
includes a disaster area.
``(ii) Limitation.--The aggregate amount of
bond limitation allocated to the States by the
Secretary under clause (i) may not exceed
$13,000,000,000. Any allocation which is
terminated by the Secretary (by reason of
disuse or otherwise) shall not be treated as
having been allocated for purposes of the
preceding sentence.
``(iii) Priority for business loss disaster
areas.--In making allocation under this
subsection, the Secretary shall give priority
to business loss disaster areas.
``(iv) Limitation to buildings located in
business loss disaster areas.--Any allocation
of bond limitation under this subsection may be
used by such State only to issue bonds with
respect to--
``(I) property located in a
disaster area, and
``(II) in the case of any
allocation made by reason of a priority
under clause (iii), property located in
the business loss disaster area with
respect to which such priority was
given.
``(v) Pro rata allocations.--The
allocations made by the Secretary under this
subparagraph shall be made ratably over the
period described in paragraph (5) unless the
Secretary determines, on the basis of the
severity or frequency of disasters, that a
different allocation is appropriate.
``(3) Business loss disaster area.--For purposes of this
subsection, the term `business loss disaster area' means any
county or municipality--
``(A) with respect to which the Governor of the
State in which such county or municipality is located
demonstrates to the satisfaction of the Secretary that
business property located in such county or
municipality has sustained damages by reason of a
federally declared disaster of at least the lesser of--
``(i) $50,000,000, or
``(ii) 5 percent of the value of all such
business property (determined immediately
before such disaster on the basis of property
tax records or such other method as the
Secretary determines appropriate), and
``(B) which is located in a disaster area.
``(4) Definitions and special rules.--For purposes of this
subsection--
``(A) Federally declared disaster; disaster area.--
The terms ``federally declared disaster'' and
``disaster area'' shall have the respective meaning
given such terms by section 165(h)(3)(C).
``(B) Certain uses prohibited.--A bond which is
part of an issue shall not be treated as a qualified
disaster bond if any proceeds of such issue are to be
used for any property described in section 1400N(p)(3).
``(C) Consultation with fema.--Any allocation made
under this subsection by the Secretary shall be made
after consultation with the Director of the Federal
Emergency Management Agency.
``(5) Termination.--Allocations under this subsection may
be made only--
``(A) before December 31, 2012, and
``(B) with respect to disasters occurring during
the period beginning on January 1, 2008, and ending on
December 31, 2011.''.
(b) Exemption From Alternative Minimum Tax.--
(1) Subparagraph (C) of section 57(a)(5) is amended by
redesignating clauses (iv) and (v) as clauses (v) and (vi) and
by inserting after clause (iii) the following new clause:
``(iv) Exception for qualified disaster
bonds.--For purposes of clause (i), the term
`private activity bond' shall not include any
qualified disaster bond (as defined in section
144(d)).''.
(2) Clause (iii) of section 56(g)(4)(B) is amended--
(A) by striking ``section 57(a)(5)(C)(iii)'' and
inserting ``clause (iii) or (iv) of section
57(a)(5)(C)'', and
(B) by striking ``housing'' in the heading thereof.
(c) Conforming Amendments.--
(1) Section 141(e)(1) is amended by striking ``or'' at the
end of subparagraph (F), by striking the period at the end of
subparagraph (G) and inserting ``, or'', and by adding at the
end the following new subparagraph:
``(H) qualified disaster bond.''.
(2) Section 146(g) is amended by striking ``and'' at the
end of paragraph (3), by striking the period at the end of
paragraph (4) and inserting ``, and'', and by inserting after
paragraph (4) the following new paragraph:
``(5) any qualified disaster bond.''.
(3) The heading of section 144 is amended by inserting ``;
qualified disaster bond'' after ``qualified redevelopment
bond''.
(d) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of the enactment of this
Act.
SEC. 9. WAIVER OF LIMITATION ON CHARITABLE CONTRIBUTIONS FOR DISASTER
RELIEF.
(a) In General.--Section 170(b) is amended by adding at the end the
following new paragraph:
``(3) Waiver of limitation in case of disaster relief.--
``(A) In general.--Except as otherwise provided in
subparagraph (B), paragraphs (1) and (2) shall not
apply to qualified disaster contributions and such
contributions shall not be taken into account for
purposes of applying such paragraphs or subsection (d)
to other contributions.
``(B) Treatment of excess contributions.--For
purposes of this section--
``(i) Individuals.--In the case of an
individual--
``(I) Limitation.--Any qualified
disaster contribution shall be allowed
only to the extent that the aggregate
of such contributions does not exceed
the excess of the taxpayer's
contribution base over the amount of
all other charitable contributions
allowable under paragraph (1).
``(II) Carryover.--If the aggregate
amount of qualified disaster
contributions made in the contribution
year (within the meaning of subsection
(d)(1)) exceeds the limitation of
subclause (I), such excess shall be
added to the excess described in the
portion of subparagraph (A) of such
subsection which precedes clause (i)
thereof for purposes of applying such
subsection.
``(ii) Corporations.--In the case of a
corporation--
``(I) Limitation.--Any qualified
disaster contribution shall be allowed
only to the extent that the aggregate
of such contributions does not exceed
the excess of the taxpayer's taxable
income (as determined under paragraph
(2)) over the amount of all other
charitable contributions allowable
under such paragraph.
``(II) Carryover.--Rules similar to
the rules of clause (i)(II) shall apply
for purposes of this clause.
``(C) Exception to overall limitation on itemized
deductions.--So much of any deduction allowed under
this section as does not exceed the qualified disaster
contributions paid during the taxable year shall not be
treated as an itemized deduction for purposes of
section 68.
``(D) Qualified disaster contributions.--
``(i) In general.--For purposes of this
subsection, the term `qualified disaster
contribution' means any charitable contribution
if--
``(I) such contribution is paid
during the period beginning on the date
of the enactment of this paragraph, and
ending on December 31, 2009, in cash to
an organization described in paragraph
(1)(A) (other than an organization
described in section 509(a)(3)),
``(II) such contribution is for
relief efforts related to a federally
declared disaster (as defined in
section 165(h)(3)(C)(i)), and
``(III) the taxpayer has elected
the application of this subsection with
respect to such contribution.
``(ii) Exception.--Such term shall not
include a contribution if the contribution is
for establishment of a new, or maintenance in a
donor advised fund (as defined in section
4966(d)(2)).
``(iii) Application of election to
partnerships and s corporations.--In the case
of a partnership or S corporation, the election
under clause (i)(III) shall be made separately
by each partner or shareholder.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years ending after the date of the enactment of this
Act.
Passed the House of Representatives September 24, 2008.
Attest:
Clerk.
110th CONGRESS
2d Session
H. R. 7006
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to provide disaster
assistance relief.