H.R.6958 - Hurricane Ike Tax Relief Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Brady, Kevin [R-TX-8] (Introduced 09/18/2008)|
|Committees:||House - Ways and Means|
|Latest Action:||09/18/2008 Referred to the House Committee on Ways and Means.|
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Summary: H.R.6958 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (09/18/2008)
Hurricane Ike Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by Hurricane Ike.
Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Hurricane Ike recovery area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback of net operating losses, and investment in tax credit bonds; (2) expensing of environmental remediation costs and demolition and cleanup costs; (3) tax incentives for employer-provided housing; (4) tax-free withdrawals from retirement accounts and recontributions for home purchases; (5) employer tax credits for retention of employees; and (6) suspension of limitations on tax deductions for charitable contributions and personal casualty losses.
Extends through 2009 the additional tax exemption for housing displaced individuals in the Hurricane Ike recovery area.
Extends through 2009 the enhanced tax deduction for charitable contributions of food inventories and of book inventories to public schools.
Requires charitable organizations to provide the Secretary of the Treasury with specified information, on an annual basis, relating to their disaster relief activities.
Makes the standard mileage rate used to determine the tax deduction for the use of a passenger automobile for charitable purposes equal to the standard mileage rate used for the tax deduction for medical and moving expenses.