Midwest Storm Victim Relief Act of 2008

Midwest Storm Victim Relief Act of 2008 - Directs the President, in providing financial assistance to individuals and households in connection with major disasters declared for storm damage and flooding in Indiana, Iowa, Minnesota, and Wisconsin from May 26-June 15, 2008, to double the maximum assistance available under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.

Amends the Internal Revenue Code to suspend certain limitations on personal casualty losses attributable to major disasters declared for such storm damage and flooding. Excludes from gross income, for purposes of the Code, any amount received as compensation for a loss for which a deduction is allowed by reason of such a declaration if such compensation is received in a subsequent taxable year.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6261 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6261

    To increase the maximum amount of financial assistance that an 
  individual or household is eligible to receive under the Robert T. 
  Stafford Disaster Relief and Emergency Assistance Act in connection 
  with recent storm damage and flooding in the Midwest, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 12, 2008

   Mr. Hill introduced the following bill; which was referred to the 
Committee on Transportation and Infrastructure, and in addition to the 
Committee on Ways and Means, for a period to be subsequently determined 
 by the Speaker, in each case for consideration of such provisions as 
        fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To increase the maximum amount of financial assistance that an 
  individual or household is eligible to receive under the Robert T. 
  Stafford Disaster Relief and Emergency Assistance Act in connection 
  with recent storm damage and flooding in the Midwest, and for other 
                               purposes.

    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 ``Midwest Storm Victim Relief Act of 
2008''.

SEC. 2. DISASTER ASSISTANCE TO INDIVIDUALS AND HOUSEHOLDS.

    In providing financial assistance to individuals and households in 
connection with major disasters declared by the President for storm 
damage and flooding in the States of Indiana, Iowa, Minnesota, and 
Wisconsin during the period beginning on May 26, 2008, and ending on 
June 15, 2008, the President shall apply section 408(h) of the Robert 
T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5174(h)) by substituting ``$50,000'' for the amount specified in that 
section.

SEC. 3. SUSPENSION OF CERTAIN LIMITATIONS ON PERSONAL CASUALTY LOSSES.

    (a) In General.--Paragraphs (1) and (2)(A) of section 165(h) of the 
Internal Revenue Code of 1986 shall not apply to losses described in 
section 165(c)(3) of such Code which are attributable to major 
disasters declared by the President under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.) 
for storm damage and flooding in the States of Indiana, Iowa, 
Minnesota, and Wisconsin during the period beginning on May 26, 2008, 
and ending on June 15, 2008. In the case of any other losses, section 
165(h)(2)(A) of such Code shall be applied without regard to the losses 
referred to in the preceding sentence.
    (b) Exclusion for Compensation for Subsequent Loss.--For purposes 
of the Internal Revenue Code of 1986, gross income does not include any 
amount received as compensation for a loss for which a deduction is 
allowed by reason of subsection (a) if such compensation is received in 
a taxable year beginning after the taxable year for which such 
deduction is allowed.
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