Text: H.R.6428 — 111th Congress (2009-2010)All Information (Except Text)

There is one version of the bill.

Text available as:

Shown Here:
Introduced in House (11/18/2010)


111th CONGRESS
2d Session
H. R. 6428


To exclude from gross income compensation provided by Pacific Gas and Electric Company for victims of the natural gas transmission line explosion occurring in San Bruno, California, and to treat as nontaxable any gain from the involuntary conversion of their property as the result of such explosion, without regard to the rules requiring conversion to property of a similar use.


IN THE HOUSE OF REPRESENTATIVES

November 18, 2010

Ms. Speier introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To exclude from gross income compensation provided by Pacific Gas and Electric Company for victims of the natural gas transmission line explosion occurring in San Bruno, California, and to treat as nontaxable any gain from the involuntary conversion of their property as the result of such explosion, without regard to the rules requiring conversion to property of a similar use.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “San Bruno Victims Compensation Fairness Act of 2010”.

SEC. 2. Natural gas transmission line explosion compensation excluded from gross income.

(a) In general.—For purposes of the Internal Revenue Code of 1986—

(1) the natural gas transmission line explosion on September 9, 2010, in San Bruno, California, shall be treated as a qualified disaster under section 139(c) of such Code, and

(2) any compensation provided by Pacific Gas and Electric Company to a victim of such disaster shall be treated as a qualified disaster relief payment under section 139 of such Code.

(b) Effective date.—Subsection (a) shall apply to amounts received on or after September 9, 2010.

SEC. 3. Gain from conversion of property excluded from gross income.

(a) In general.—In the case of any gain from the compulsory or involuntary conversion of property as the result of its destruction, in whole or in part, by the natural gas explosion described in section 1(1)—

(1) section 1033 of the Internal Revenue Code of 1986 shall not apply with respect to such gain, and

(2) such gain shall not be included in gross income for purposes of such Code.

(b) Effective date.—Subsection (a) shall apply to compulsory or involuntary conversions on or after September 9, 2010.