S.1583 - Storm Shelter Tax Relief Act112th Congress (2011-2012)
|Sponsor:||Sen. Inhofe, James M. [R-OK] (Introduced 09/20/2011)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/20/2011 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1583 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (09/20/2011)
Storm Shelter Tax Relief Act - Amends the Internal Revenue Code to allow a tax deduction, up to $2,500 in a taxable year, for the cost (including labor) of purchasing, constructing, and installing a qualified storm shelter. Terminates such deduction after 2012.
Rescinds unobligated funds from the Community Development Fund authorized by the Department of Housing and Urban Development Appropriations Act, 2010 and the Department of Defense and Full-Year Continuing Appropriations Act, 2011.