,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ic  ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$
 ,,/ates  ,janu>y #bc 7legislative day1 
,janu>y #c71 #bjac ,mr4 ,vitt] introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to provide tax relief ) respect
 to ! ,hurricane ,isaac disa/] area4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,inve/m5t ,sav+s ,access ,aft]        
,cata/rophes ,act ( #bjac4  #b4         
,hurricane ,isaac disa/] area ,=        
purposes ( ?is ,act1 ! t]m ,hurricane   
,isaac disa/] area means any p>i% or    
c\nty ( ,l\isiana or ,mississippi :i* is
 79 :ole or 9 "p7 9 ! area ) respect to 
:i* a major disa/] has be5 decl>$ by !  
,presid5t be=e ,septemb] #aj1 #bjab1 "u 
section #dja ( ! ,rob]t ,t4 ,/af=d      
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act by reason ( ,hurricane ,isaac4  #c4
 ,susp5sion ( p]sonal casualty loss     
limitations ,p>agraphs 7#a7 & 7#b7 (    
section #afe7;h7 ( ! ,int]nal ,rev5ue   
,code ( #aihf %all n apply to losses    

describ$ 9 section #afe7;c77#c7 ( su*   
,code :i* arise 9 ! ,hurricane ,isaac   
disa/] area dur+ ! #b-ye> p]iod beg9n+  
on ,augu/ #bf1 #bjab1 & :i* are         
attributable to ,hurricane ,isaac4 ,9 ! 
case ( any o!r losses1 section          
#afe7;h77#b77;,a7 ( su* ,code %all be   
appli$ )\t reg>d to ! losses ref]r$ to 9
 ! prec$+ s5t5ce4  #d4 ,treatm5t ( net  
op]at+ losses attributable to ,hurricane
 ,isaac  7a7 ,ext5sion ( c>ryback p]iod 
,dur+ ! #b-ye> p]iod beg9n+ on ,augu/   
#bf1 #bjab1 if a portion ( any net      
op]at+ loss ( ! taxpay] = any taxable   
ye> is a ,hurricane ,isaac loss1 section
 #agb7;b77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf %all be appli$ ) respect to su*
 portion--  7#a7 by sub/itut+ #e taxable
 ye>s = #b taxable ye>s 9 subp>agraph   
7,a77i7 !re(1 &  7#b7 by n tak+ su*     
portion into acc\nt 9 det]m9+ any       
eligible loss ( ! taxpay] "u subp>agraph
 7,f7 !re( = ! taxable ye>4  7b7        
,susp5sion ( #ij p]c5t ,,amt limitation 
,section #ef7;d77#a7 ( su* ,code %all be

 appli$ by increas+ ! am\nt det]m9$ "u  
subp>agraph 7,a77ii77,i7 !re( by ! sum (
 ! c>rybacks & c>ryov]s ( any net op]at+
 loss attributable to ! portion describ$
 9 subsection 7a74  7c7 ,hurricane      
,isaac loss ,= purposes ( ?is section-- 
7#a7 ,9 g5]al ,! t]m ,hurricane ,isaac  
loss means ! less] (--  7,a7 ! excess   
(--  7i7 ! net op]at+ loss = su* taxable
 ye>1 ov]  7ii7 ! specifi$ liability    
loss = su* taxable ye> to :i* a #aj-ye> 
c>ryback applies "u section             
#agb7;b77#a77;,c7 ( su* ,code1 or  7,b7 
! am\nt ( any d$uction = any qualifi$   
,hurricane ,isaac casualty loss to !    
ext5t tak5 into acc\nt 9 comput+ ! net  
op]at+ loss = su* taxable ye>4  7#b7    
,qualifi$ ,hurricane ,isaac casualty    
loss  7,a7 ,9 g5]al ,! t]m qualifi$     
,hurricane ,isaac casualty loss means   
any uncomp5sat$ section #abca loss 7z   
def9$ 9 section #abca7;a77#c77;,b7 ( su*
 ,code7 ( prop]ty locat$ 9 ! ,hurricane 
,isaac disa/] area if--  7i7 su* loss is
 all[$ z a d$uction "u section #afe (   

su* ,code = ! taxable ye>1 &  7ii7 su*  
loss is by reason ( ,hurricane ,isaac4  
7,b7 ,applicable rules ,= purposes (    
subp>agraph 7,a71 rules simil> to !     
rules ( subp>agraphs 7,b7 & 7,c7 (      
p>agraph 7#c71 & p>agraph 7#d71 (       
section #adjj,n7k7 ( su* ,code & %all   
apply4  #e4 ,tax-favor$ )drawals f      
retirem5t plans  7a7 ,9 g5]al ,a        
qualifi$ ,hurricane ,isaac di/ribution  
%all be treat$ z a qualifi$ hurricane   
di/ribution = purposes ( section        
#adjj,q7a7 ( ! ,int]nal ,rev5ue ,code ( 
#aihf4  7b7 ,qualifi$ ,hurricane ,isaac 
di/ribution ,= purposes ( subsection    
7a71 ! t]m qualifi$ ,hurricane ,isaac   
di/ribution means any di/ribution f an  
eligible retirem5t plan made on or aft] 
,augu/ #bf1 #bjab1 & be=e ,septemb] #aa1
 #bjad1 to an individual ^: pr9cipal    
place ( abode on ,augu/ #bf1 #bjab1 is  
locat$ 9 ! ,hurricane ,isaac disa/] area
 & :o has su/a9$ an economic loss by    
reason ( ,hurricane ,isaac4  7c7        
,applicable rules ,= purposes ( ?is     

section1 rules simil> to ! rules (      
section #adjj,q7a7 ( su* ,code 7o!r ?an 
p>agraph 7#d77;,a7 !re(7 %all apply4    
#f4 ,rescission ( unsp5t & uncommitt$   
,f$]al funds  7a7 ,9 g5]al ,not)/&+ any 
o!r provision ( law1 ( all available    
unobligat$ ,f$]al funds1 an am\nt 9     
appropriat$ discretion>y unexpir$ funds 
det]m9$ by ! ,director ( ! ,(fice (     
,managem5t & ,budget to be equal to !   
r$uction 9 ,f$]al rev5ues by reason ( ! 
enactm5t ( ?is ,act is resc9d$4  7b7    
,implem5tation ,n lat] ?an #fj days aft]
 ! date ( enactm5t ( ?is ,act1 !        
,director ( ! ,(fice ( ,managem5t &     
,budget %all--  7#a7 id5tify ! acc\nts &
 am\nts resc9d$ to implem5t subsection  
7a72 &  7#b7 submit a report to !       
,secret>y ( ! ,treasury & ,congress ( ! 
acc\nts & am\nts id5tifi$ "u p>agraph   
7#a7 = rescission4  7c7 ,exception ,?is 
section %all n apply to ! unobligat$    
,f$]al funds ( ! ,dep>tm5t ( ,def5se or 
! ,dep>tm5t ( ,vet]ans ,affairs4