,i #aaeth ,,congress #ast ,session ,h4 ,r4 #bhdi ,,in ,,the ,,house ,,of ,,representatives ,june #h1 #bjag,mr4 ,graves of ,louisiana 7for himself1 ,mr4 ,richmond1 ,mr4 ,abraham1 and ,mr4 ,higgins of ,louisiana7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to provide emergency tax relief for persons affected by severe storms and flooding occurring in ,louisiana4 #a4 ,short title1 etc 7a7 ,short title ,this ,act may be cited as the ,louisiana ,flood and ,storm ,devastation ,tax ,relief ,act of #bjag4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title1 etc4 ,sec4 #b4 ,louisiana ,storm and ,flood ,disaster ,area4 ,title ,i--,special ,rules for ,use of ,retirement ,funds for ,relief ,relating to ,louisiana ,storms and ,flooding ,sec4 #aja4 ,tax-favored withdrawals from retirement plans for relief relating to ,louisiana storms and flooding4 ,sec4 #ajb4 ,recontributions of withdrawals for home purchases canceled due to the ,louisiana storms and flooding4 ,sec4 #ajc4 ,loans from qualified plans for relief relating to ,louisiana storms and flooding4 ,sec4 #ajd4 ,provisions relating to plan amendments4 ,title ,j--,employment ,relief ,sec4 #bja4 ,work opportunity tax credit for ,louisiana storm and flood employees4 ,sec4 #bjb4 ,employee retention credit for employers affected by ,louisiana storms and flooding4 ,title ,k--,charitable ,giving ,incentives ,sec4 #cja4 ,temporary suspension of limitations on charitable contributions4 ,sec4 #cjb4 ,additional exemption for housing ,louisiana storm and flood displaced individuals4 ,sec4 #cjc4 ,increase in standard mileage rate for charitable use of vehicles4 ,sec4 #cjd4 ,mileage reimbursements to charitable volunteers excluded from gross income4 ,sec4 #cje4 ,charitable deduction for contributions of book inventories to public schools4 ,title ,l--,additional ,tax ,relief ,provisions ,sec4 #dja4 ,exclusions of certain cancellations of indebtedness by reason of ,louisiana storms and flooding4 ,sec4 #djb4 ,suspension of certain limitations on personal casualty losses4 ,sec4 #djc4 ,required exercise of authority under section #gejh;,a for tax relief relating to ,louisiana storms and flooding4 ,sec4 #djd4 ,special rules for mortgage revenue bonds relating to ,louisiana storms and flooding4 ,sec4 #dje4 ,extension of replacement period for nonrecognition of gain for property located in ,louisiana storm and flood disaster area4 ,sec4 #djf4 ,special rule for determining earned income4 ,sec4 #djg4 ,secretarial authority to make adjustments regarding taxpayer and dependency status4 ,sec4 #djh4 ,low-income housing credit4 ,sec4 #dji4 ,application of new markets tax credit to investments in community development entities serving ,louisiana storm and flood disaster area4 ,sec4 #daj4 ,tax-exempt bond financing4 ,sec4 #daa4 ,expensing for certain demolition and clean-up costs4 ,sec4 #dab4 ,extension of expensing for environmental remediation costs4 ,sec4 #dac4 ,treatment of net operating losses attributable to ,louisiana storm and flood disaster area losses4 ,sec4 #dad4 ,increased expensing for qualified timber property4 ,sec4 #dae4 ,disaster loss carryback4 ,sec4 #daf4 ,housing relief for individuals affected by ,louisiana storms and flooding4 #b4 ,louisiana ,storm and ,flood ,disaster ,area ,for purposes of this ,act-- 7#a7 ,louisiana ,storm and ,flood ,disaster ,area ,the term ,louisiana storm and flood disaster area means an area with respect to which a major disaster has been declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act-- 7,a7 before ,september #c1 #bjaf1 by reason of severe storms and flooding occurring in ,louisiana during ,august of #bjaf1 7,b7 before ,april #ba1 #bjaf1 by reason of severe storms and flooding occurring in ,louisiana during ,march and ,april of #bjaf1 and 7,c7 before ,february #ab1 #bjag1 by reason of tornadoes1 storms1 and straight line winds occurring in ,louisiana on ,february #g1 #bjag4 7#b7 ,core disaster area ,the term core disaster area means that portion of the ,louisiana storm and flood disaster area determined by the ,president to warrant individual or individual and public assistance from the ,federal ,government under such ,act4 7#c7 ,applicable disaster date ,the term applicable disaster date means1 with respect to any ,louisiana storm and flood disaster area1 the date of the first day of the period during which the severe storms and flooding giving rise to the ,presidential declaration described in paragraph 7#a7 occurred4 ,i ,special ,rules for ,use of ,retirement ,funds for ,relief ,relating to ,louisiana ,storms and ,flooding #aja4 ,tax-favored withdrawals from retirement plans for relief relating to ,louisiana storms and flooding 7a7 ,in general ,section #gb7t7 of the ,internal ,revenue ,code of #aihf shall not apply to any qualified ,louisiana storm and flood distribution4 7b7 ,aggregate dollar limitation 7#a7 ,in general ,for purposes of this section1 the aggregate amount of distributions received by an individual which may be treated as qualified ,louisiana storm and flood distributions for any taxable year shall not exceed the excess 7if any7 of-- 7,a7 #ajj1jjj1 over 7,b7 the aggregate amounts treated as qualified ,louisiana storm and flood distributions received by such individual for all prior taxable years4 7#b7 ,treatment of plan distributions ,if a distribution to an individual would 7without regard to paragraph 7#a77 be a qualified ,louisiana storm and flood distribution1 a plan shall not be treated as violating any requirement of the ,internal ,revenue ,code of #aihf merely because the plan treats such distribution as a qualified ,louisiana storm and flood distribution1 unless the aggregate amount of such distributions from all plans maintained by the employer 7and any member of any controlled group which includes the employer7 to such individual exceeds #ajj1jjj4 7#c7 ,controlled group ,for purposes of paragraph 7#b71 the term controlled group means any group treated as a single employer under subsection 7b71 7c71 7m71 or 7o7 of section #dad of such ,code4 7c7 ,amount distributed may be repaid 7#a7 ,in general ,any individual who receives a qualified ,louisiana storm and flood distribution may1 at any time during the #c-year period beginning on the day after the date on which such distribution was received1 make one or more contributions in an aggregate amount not to exceed the amount of such distribution to an eligible retirement plan of which such individual is a beneficiary and to which a rollover contribution of such distribution could be made under section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 #djh7;d77#c71 or #deg7;e77#af7 of such ,code1 as the case may be4 7#b7 ,treatment of repayments of distributions from eligible retirement plans other than ,i,r,as ,for purposes of such ,code1 if a contribution is made pursuant to paragraph 7#a7 with respect to a qualified ,louisiana storm and flood distribution from an eligible retirement plan other than an individual retirement plan1 then the taxpayer shall1 to the extent of the amount of the contribution1 be treated as having received the qualified ,louisiana storm and flood distribution in an eligible rollover distribution 7as defined in section #djb7;c77#d7 of such ,code7 and as having transferred the amount to the eligible retirement plan in a direct trustee to trustee transfer within #fj days of the distribution4 7#c7 ,treatment of repayments for distributions from iras ,for purposes of such ,code1 if a contribution is made pursuant to paragraph 7#a7 with respect to a qualified ,louisiana storm and flood distribution from an individual retirement plan 7as defined by section #ggja7;a77#cg7 of such ,code71 then1 to the extent of the amount of the contribution1 the qualified ,louisiana storm and flood distribution shall be treated as a distribution described in section #djh7;d77#c7 of such ,code and as having been transferred to the eligible retirement plan in a direct trustee to trustee transfer within #fj days of the distribution4 7d7 ,definitions ,for purposes of this section-- 7#a7 ,qualified ,louisiana storm and flooding distribution ,except as provided in subsection 7b71 the term qualified ,louisiana storm and flooding distribution means any distribution from an eligible retirement plan made on or after the applicable disaster date1 to an individual whose principal residence on or after such date1 is located in the ,louisiana storm and flood disaster area and who has sustained an economic loss by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7#b7 ,eligible retirement plan ,the term eligible retirement plan shall have the meaning given such term by section #djb7;c77#h77;,b7 of such ,code4 7e7 ,income inclusion spread over #c-,year period for qualified ,louisiana storm and flooding distributions 7#a7 ,in general ,in the case of any qualified ,louisiana storm and flood distribution1 unless the taxpayer elects not to have this subsection apply for any taxable year1 any amount required to be included in gross income for such taxable year shall be so included ratably over the #c-taxable-year period beginning with such taxable year4 7#b7 ,special rule ,for purposes of paragraph 7#a71 rules similar to the rules of subparagraph 7,e7 of section #djh;,a7d77#c7 of such ,code shall apply4 7f7 ,special rules 7#a7 ,exemption of distributions from trustee to trustee transfer and withholding rules ,for purposes of sections #dja7;a77#ca71 #djb7;f71 and #cdje of such ,code1 qualified ,louisiana storm and flood distributions shall not be treated as eligible rollover distributions4 7#b7 ,qualified ,louisiana storm and flooding distributions treated as meeting plan distribution requirements ,for purposes of such ,code1 a qualified ,louisiana storm and flood distribution shall be treated as meeting the requirements of sections #dja7k77#b77;,b77i71 #djc7;b77#g77;,a77ii71 #djc7;b77#aa71 and #deg7;d77#a77;,a7 of such ,code4 #ajb4 ,recontributions of withdrawals for home purchases canceled due to the ,louisiana storms and flooding 7a7 ,recontributions 7#a7 ,in general ,any individual who received a qualified distribution may1 during the period beginning on the applicable disaster date1 and ending on ,december #ca1 #bjag1 make one or more contributions in an aggregate amount not to exceed the amount of such qualified distribution to an eligible retirement plan 7as defined in section #djb7;c77#h77;,b7 of the ,internal ,revenue ,code of #aihf7 of which such individual is a beneficiary and to which a rollover contribution of such distribution could be made under section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 or #djh7;d77#c7 of such ,code1 as the case may be4 7#b7 ,treatment of repayments ,rules similar to the rules of paragraphs 7#b7 and 7#c7 of section #aja7;c7 of this ,act shall apply for purposes of this section4 7b7 ,qualified distribution defined ,for purposes of this section1 the term qualified distribution means any distribution-- 7#a7 described in section #dja7k77#b77;,b77i77,,iv71 #djc7;b77#g77;,a77ii7 7but only to the extent such distribution relates to financial hardship71 #djc7;b77#aa77;,b71 or #gb7t77#b77;,f7 of such ,code1 7#b7 7,a7 received after-- 7i7 ,february #aj1 #bjaf1 and before ,august #aa1 #bjaf1 in the case of the disaster specified in section #b7a77;,a71 7ii7 ,september #cj1 #bjaf1 and before ,april #a1 #bjag1 in the case of the disaster specified in section #b7a77;,b71 or 7iii7 ,august #g1 #bjag1 and before ,february #h1 #bjah1 in the case of the disaster specified in section #b7a77;,c71 and 7,b7 which was to be used to purchase or construct a principal residence in the ,louisiana storm and flood disaster area1 but which was not so purchased or constructed on account of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 #ajc4 ,loans from qualified plans for relief relating to ,louisiana storms and flooding 7a7 ,increase in limit on loans not treated as distributions ,in the case of any loan from a qualified employer plan 7as defined under section #gb7p77#d7 of the ,internal ,revenue ,code of #aihf7 to a qualified individual made after the date of enactment of this ,act and before ,january #a1 #bjah-- 7#a7 clause 7i7 of section #gb7p77#b77;,a7 of such ,code shall be applied by substituting #ajj1jjj for #ej1jjj1 and 7#b7 clause 7ii7 of such section shall be applied by substituting the present value of the nonforfeitable accrued benefit of the employee under the plan for one-half of the present value of the nonforfeitable accrued benefit of the employee under the plan4 7b7 ,delay of repayment ,in the case of a qualified individual with an outstanding loan on or after the date that is #e days before the applicable disaster date1 from a qualified employer plan 7as defined in section #gb7p77#d7 of such ,code7-- 7#a7 if the due date pursuant to subparagraph 7,b7 or 7,c7 of section #gb7p77#b7 of such ,code for any repayment with respect to such loan occurs during the period beginning on the date that is #e days before the applicable disaster date1 and ending on ,december #ca1 #bjag1 such due date shall be delayed for #a year1 7#b7 any subsequent repayments with respect to any such loan shall be appropriately adjusted to reflect the delay in the due date under paragraph 7#a7 and any interest accruing during such delay1 and 7#c7 in determining the #e-year period and the term of a loan under subparagraph 7,b7 or 7,c7 of section #gb7p77#b7 of such ,code1 the period described in paragraph 7#a7 shall be disregarded4 7c7 ,qualified individual ,for purposes of this section1 the term qualified individual means an individual whose principal place of abode on the date that is #e days before the applicable disaster date1 is located in the ,louisiana storm and flood disaster area and who has sustained an economic loss by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 #ajd4 ,provisions relating to plan amendments 7a7 ,in general ,if this section applies to any amendment to any plan or annuity contract1 such plan or contract shall be treated as being operated in accordance with the terms of the plan during the period described in subsection 7b77#b77;,a74 7b7 ,amendments to which section applies 7#a7 ,in general ,this section shall apply to any amendment to any plan or annuity contract which is made-- 7,a7 pursuant to any amendment made by this title1 or pursuant to any regulation issued by the ,secretary of the ,treasury or the ,secretary of ,labor under this title1 and 7,b7 on or before the last day of the first plan year beginning on or after ,january #a1 #bjah1 or such later date as the ,secretary of the ,treasury may prescribe4 ,in the case of a governmental plan 7as defined in section #dad7;d7 of the ,internal ,revenue ,code of #aihf71 subparagraph 7,b7 shall be applied by substituting the date which is #b years after the date otherwise applied under subparagraph 7,b74 7#b7 ,conditions ,this section shall not apply to any amendment unless-- 7,a7 during the period-- 7i7 beginning on the date the legislative or regulatory amendment described in paragraph 7#a77;,a7 takes effect 7or in the case of a plan or contract amendment not required by such legislative or regulatory amendment1 the effective date specified by the plan71 and 7ii7 ending on the date described in paragraph 7#a77;,b7 7or1 if earlier1 the date the plan or contract amendment is adopted71 the plan or contract is operated as if such plan or contract amendment were in effect1 and 7,b7 such plan or contract amendment applies retroactively for such period4 ,j ,employment ,relief #bja4 ,work opportunity tax credit for ,louisiana storm and flood employees 7a7 ,in general ,for purposes of section #ea of the ,internal ,revenue ,code of #aihf1 a ,louisiana storm and flood employee shall be treated as a member of a targeted group4 7b7 ,louisiana storm and flood employee ,for purposes of this section1 the term ,louisiana storm and flood employee means-- 7#a7 any individual who on the applicable disaster date1 had a principal place of abode in the core disaster area and who is hired before ,january #a1 #bjai1 for a position the principal place of employment of which is located in the core disaster area1 and 7#b7 any individual who on such date had a principal place of abode in the core disaster area1 who is displaced from such abode by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 and who is hired during the period beginning on such date and ending on ,december #ca1 #bjag4 7c7 ,reasonable identification acceptable ,in lieu of the certification requirement under section #ea7;d77#ac77;,a7 of such ,code1 an individual may provide to the employer reasonable evidence that the individual is a ,louisiana storm and flood employee1 and subparagraph 7,b7 of such section shall be applied as if such evidence were a certification described in such subparagraph4 7d7 ,special rules for determining credit ,for purposes of applying subpart ,f of part ,,iv of subchapter ,a of chapter #a of such ,code to wages paid or incurred to any ,louisiana storm and flood employee-- 7#a7 section #ea7;c77#d7 of such ,code shall not apply1 and 7#b7 section #ea7;i77#b7 of such ,code shall not apply with respect to the first hire of such employee as a ,louisiana storm and flood employee1 unless such employee was an employee of the employer on the applicable disaster date4 #bjb4 ,employee retention credit for employers affected by ,louisiana storms and flooding 7a7 ,in general ,in the case of an eligible employer1 there shall be allowed as a credit against the tax imposed by chapter #a of the ,internal ,revenue ,code of #aihf for the taxable year an amount equal to #dj percent of the qualified wages with respect to each eligible employee of such employer for such taxable year4 ,for purposes of the preceding sentence1 the amount of qualified wages which may be taken into account with respect to any individual shall not exceed #f1jjj4 7b7 ,definitions ,for purposes of this section-- 7#a7 ,eligible employer ,the term eligible employer means any employer-- 7,a7 which conducted an active trade or business on the applicable disaster date1 in a core disaster area1 and 7,b7 with respect to whom the trade or business described in subparagraph 7,a7 is inoperable on or after the applicable disaster date1 and before ,january #a1 #bjah1 as a result of damage sustained by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7#b7 ,eligible employee ,the term eligible employee means with respect to an eligible employer an employee whose principal place of employment on the applicable disaster date1 with such eligible employer was in a core disaster area4 7#c7 ,qualified wages ,the term qualified wages means wages 7as defined in section #ea7;c77#a7 of such ,code1 but without regard to section #ccjf7;b77#b77;,b7 of such ,code7 paid or incurred by an eligible employer with respect to an eligible employee on or after the applicable disaster date1 and before ,january #a1 #bjah1 which occurs during the period-- 7,a7 beginning on the date on which the trade or business described in paragraph 7#a7 first became inoperable at the principal place of employment of the employee immediately before the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 and 7,b7 ending on the date on which such trade or business has resumed significant operations at such principal place of employment4 ,such term shall include wages paid without regard to whether the employee performs no services1 performs services at a different place of employment than such principal place of employment1 or performs services at such principal place of employment before significant operations have resumed4 7c7 ,credit not allowed for large businesses ,the term eligible employer shall not include any trade or business for any taxable year if such trade or business employed an average of more than #bjj employees on business days during the taxable year4 7d7 ,certain rules ,to apply ,for purposes of this section1 rules similar to the rules of sections #ea7;i77#a71 #eb1 and #bhj;,c7a7 of such ,code shall apply4 7e7 ,employee not taken into account more than once ,an employee shall not be treated as an eligible employee for purposes of this section for any period with respect to any employer if such employer is allowed a credit under section #ea of such ,code with respect to such employee for such period4 7f7 ,credit ,to be part of general business credit ,the credit allowed under this section shall be added to the current year business credit under section #ch7;b7 of such ,code and shall be treated as a credit allowed under subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code4 ,k ,charitable ,giving ,incentives #cja4 ,temporary suspension of limitations on charitable contributions 7a7 ,in general ,except as otherwise provided in subsection 7b71 section #agj7;b7 of the ,internal ,revenue ,code of #aihf shall not apply to qualified contributions and such contributions shall not be taken into account for purposes of applying subsections 7b7 and 7d7 of section #agj of such ,code to other contributions4 7b7 ,treatment of excess contributions ,for purposes of section #agj of such ,code-- 7#a7 ,individuals ,in the case of an individual-- 7,a7 ,limitation ,any qualified contribution shall be allowed only to the extent that the aggregate of such contributions does not exceed the excess of the taxpayer's contribution base 7as defined in subparagraph 7,g7 of section #agj7;b77#a7 of such ,code7 over the amount of all other charitable contributions allowed under such section #agj7;b77#a74 7,b7 ,carryover ,if the aggregate amount of qualified contributions made in the contribution year 7within the meaning of section #agj7;d77#a7 of such ,code7 exceeds the limitation of subparagraph 7,a71 such excess shall be added to the excess described in the portion of subparagraph 7,a7 of such section which precedes clause 7i7 thereof for purposes of applying such section4 7#b7 ,corporations ,in the case of a corporation-- 7,a7 ,limitation ,any qualified contribution shall be allowed only to the extent that the aggregate of such contributions does not exceed the excess of the taxpayer's taxable income 7as determined under paragraph 7#b7 of section #agj7;b7 of such ,code7 over the amount of all other charitable contributions allowed under such paragraph4 7,b7 ,carryover ,rules similar to the rules of paragraph 7#a77;,b7 shall apply for purposes of this paragraph4 7c7 ,exception to overall limitation on itemized deductions ,so much of any deduction allowed under section #agj of such ,code as does not exceed the qualified contributions paid during the taxable year shall not be treated as an itemized deduction for purposes of section #fh of such ,code4 7d7 ,qualified contributions 7#a7 ,in general ,for purposes of this section1 the term qualified contribution means any charitable contribution 7as defined in section #agj7;c7 of such ,code7-- 7,a7 paid during the period beginning on the applicable disaster date1 and ending on ,august #ca1 #bjag1 in cash to an organization described in section #agj7;b77#a77;,a7 of such ,code 7other than an organization described in section #eji7;a77#c7 of such ,code71 7,b7 in the case of a contribution paid by a corporation1 such contribution is for relief efforts related to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 and 7,c7 with respect to which the taxpayer has elected the application of this section4 7#b7 ,exception ,such term shall not include a contribution if the contribution is for establishment of a new1 or maintenance in an existing1 segregated fund or account with respect to which the donor 7or any person appointed or designated by such donor7 has1 or reasonably expects to have1 advisory privileges with respect to distributions or investments by reason of the donor's status as a donor4 7#c7 ,application of election to partnerships and ,s corporations ,in the case of a partnership or ,s corporation1 the election under paragraph 7#a77;,c7 shall be made separately by each partner or shareholder4 #cjb4 ,additional exemption for housing ,louisiana storm and flood displaced individuals 7a7 ,in general ,in the case of taxable years of a natural person beginning in #bjaf or #bjag1 for purposes of the ,internal ,revenue ,code of #aihf1 taxable income shall be reduced by #fjj for each ,louisiana storm and flood displaced individual of the taxpayer for the taxable year4 7b7 ,limitations 7#a7 ,dollar limitation ,the reduction under subsection 7a7 shall not exceed #b1ejj1 reduced by the amount of the reduction under this section for all prior taxable years4 7#b7 ,individuals taken into account only once ,an individual shall not be taken into account under subsection 7a7 if such individual was taken into account under such subsection by the taxpayer for any prior taxable year4 7#c7 ,identifying information required ,an individual shall not be taken into account under subsection 7a7 for a taxable year unless the taxpayer identification number of such individual is included on the return of the taxpayer for such taxable year4 7c7 ,louisiana storm and flood displaced individual ,for purposes of this section1 the term ,louisiana storm and flood displaced individual means1 with respect to any taxpayer for any taxable year1 any natural person if-- 7#a7 such person's principal place of abode on the applicable disaster date1 was in the ,louisiana storm and flood disaster area1 7#b7 7,a7 in the case of such an abode located in the core disaster area1 such person is displaced from such abode1 or 7,b7 in the case of such an abode located outside of the core disaster area1 such person is displaced from such abode1 and-- 7i7 such abode was damaged by the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 or 7ii7 such person was evacuated from such abode by reason of such storms and flooding1 and 7#c7 such person is provided housing free of charge by the taxpayer in the principal residence of the taxpayer for a period of #fj consecutive days which ends in such taxable year4 ,such term shall not include the spouse or any dependent of the taxpayer4 7d7 ,compensation for housing ,no deduction shall be allowed under this section if the taxpayer receives any rent or other amount 7from any source7 in connection with the providing of such housing4 #cjc4 ,increase in standard mileage rate for charitable use of vehicles ,notwithstanding section #agj7;i7 of the ,internal ,revenue ,code of #aihf1 for purposes of computing the deduction under section #agj of such ,code for use of a vehicle described in subsection 7f77#ab77;,e77i7 of such section for provision of relief during the period beginning on the applicable disaster date1 and ending on ,december #ca1 #bjag1 and related to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 the standard mileage rate shall be #gj percent of the standard mileage rate in effect under section #afb7;a7 of such ,code at the time of such use4 ,any increase under this section shall be rounded to the next highest cent4 #cjd4 ,mileage reimbursements to charitable volunteers excluded from gross income 7a7 ,in general ,for purposes of the ,internal ,revenue ,code of #aihf1 gross income of an individual for taxable years ending on or after the applicable disaster date1 does not include amounts received1 from an organization described in section #agj7;c7 of such ,code1 as reimbursement of operating expenses with respect to use of a passenger automobile for the benefit of such organization in connection with providing relief during the period beginning on the applicable disaster date1 and ending on ,december #ca1 #bjag1 and relating to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 ,the preceding sentence shall apply only to the extent that the expenses which are reimbursed would be deductible under chapter #a of such ,code if section #bgd7;d7 of such ,code were applied-- 7#a7 by using the standard business mileage rate in effect under section #afb7;a7 at the time of such use1 and 7#b7 as if the individual were an employee of an organization not described in section #agj7;c7 of such ,code4 7b7 ,application ,to volunteer services only ,subsection 7a7 shall not apply with respect to any expenses relating to the performance of services for compensation4 7c7 ,no double benefit ,no deduction or credit shall be allowed under any other provision of such ,code with respect to the expenses excludable from gross income under subsection 7a74 #cje4 ,charitable deduction for contributions of book inventories to public schools 7a7 ,in general ,for purposes of section #agj of the ,internal ,revenue ,code of #aihf1 subsection 7e77#c77;,d7 shall be applied-- 7#a7 as if clause 7iv7 thereof applied to the period beginning on the applicable disaster date and ending on ,december #ca1 #bjag1 and 7#b7 to a qualified book contribution to a public school located in the core disaster area4 7b7 ,qualified book contribution ,for purposes of subsection 7a71 the term qualified book contribution has the meaning given such term by section #agj7;e77#c77;,d77ii7 of the ,internal ,revenue ,code of #aihf4 ,l ,additional ,tax ,relief ,provisions #dja4 ,exclusions of certain cancellations of indebtedness by reason of ,louisiana storms and flooding 7a7 ,in general ,for purposes of the ,internal ,revenue ,code of #aihf1 gross income shall not include any amount which 7but for this section7 would be includible in gross income by reason of the discharge 7in whole or in part7 of indebtedness of a natural person described in subsection 7b7 by an applicable entity 7as defined in section #fjej,p7c77#a7 of such ,code74 7b7 ,persons described ,a natural person is described in this subsection if the principal place of abode of such person on the applicable disaster date1 was located-- 7#a7 in the core disaster area1 or 7#b7 in the ,louisiana storm and flood disaster area 7but outside the core disaster area7 and such person suffered economic loss by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7c7 ,exceptions 7#a7 ,business indebtedness ,subsection 7a7 shall not apply to any indebtedness incurred in connection with a trade or business4 7#b7 ,real property outside core disaster area ,subsection 7a7 shall not apply to any discharge of indebtedness to the extent that real property constituting security for such indebtedness is located outside of the ,louisiana storm and flood disaster area4 7d7 ,denial of double benefit ,for purposes of the ,internal ,revenue ,code of #aihf1 the amount excluded from gross income under subsection 7a7 shall be treated in the same manner as an amount excluded under section #ajh7;a7 of such ,code4 7e7 ,effective date ,this section shall apply to discharges made on or after the applicable disaster date1 and before ,january #a1 #bjah4 #djb4 ,suspension of certain limitations on personal casualty losses ,paragraphs 7#a7 and 7#b77;,a7 of section #afe7;h7 of the ,internal ,revenue ,code of #aihf shall not apply to losses described in section #afe7;c77#c7 of such ,code which arise in the ,louisiana storm and flood disaster area on or after the applicable disaster date1 and which are attributable to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 ,in the case of any other losses1 section #afe7;h77#b77;,a7 of such ,code shall be applied without regard to the losses referred to in the preceding sentence4 #djc4 ,required exercise of authority under section #gejh;,a for tax relief relating to ,louisiana storms and flooding 7a7 ,in general ,in the case of any taxpayer determined by the ,secretary of the ,treasury to be affected by the ,presidentially declared disaster relating to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a7-- 7#a7 any relief provided by the ,secretary of the ,treasury under section #gejh;,a of the ,internal ,revenue ,code of #aihf shall be for a period ending not earlier than ,august #ca1 #bjag1 and shall be treated as applying to the filing of returns relating to1 and the payment of1 employment and excise taxes2 and 7#b7 with respect to any income tax liability1 the ,secretary of the ,treasury shall abate any interest1 penalty1 additional amount1 or addition to tax which accrued during the period beginning on ,august #aa1 #bjaf1 and ending on ,january #ag1 #bjag4 7b7 ,effective date ,subsection 7a7 shall apply for any period for performing an act which has not expired before the applicable disaster date4 #djd4 ,special rules for mortgage revenue bonds relating to ,louisiana storms and flooding 7a7 ,in general ,in the case of financing provided with respect to a qualified ,louisiana storm and flood recovery residence1 section #adc7;d7 of the ,internal ,revenue ,code of #aihf shall be applied as if such residence were a targeted area residence4 7b7 ,qualified ,louisiana storms and flooding recovery residence ,for purposes of this section1 the term qualified ,louisiana storm and flood recovery residence means-- 7#a7 any residence in the core disaster area1 and 7#b7 any other residence if-- 7,a7 such other residence is located in the same ,state as the principal residence referred to in subparagraph 7,b71 and 7,b7 the mortgagor with respect to such other residence owned a principal residence on the applicable disaster date1 which-- 7i7 was located in the ,louisiana storm and flood disaster area1 and 7ii7 was rendered uninhabitable by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7c7 ,special rule for home improvement loans ,in the case of any loan with respect to a residence in the ,louisiana storm and flood disaster area1 section #adc7k77#d7 of such ,code shall be applied by substituting #aej1jjj for the dollar amount contained therein to the extent such loan is for the repair of damage by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7d7 ,application ,subsection 7a7 shall not apply to financing provided after ,december #ca1 #bjah4 #dje4 ,extension of replacement period for nonrecognition of gain for property located in ,louisiana storm and flood disaster area ,section #ajcc7;a77#b77;,b77i7 of the ,internal ,revenue ,code of #aihf shall be applied by substituting #e years for #b years with respect to property in the ,louisiana storm and flood disaster area which is compulsorily or involuntarily converted on or after the applicable disaster date1 by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 but only if substantially all of the use of the replacement property is in such area4 #djf4 ,special rule for determining earned income 7a7 ,in general ,in the case of a qualified individual1 if the earned income of the taxpayer for the taxable year which includes the applicable disaster date1 is less than the earned income of the taxpayer for the preceding taxable year1 the credits allowed under sections #bd7;d7 and #cb of the ,internal ,revenue ,code of #aihf may1 at the election of the taxpayer1 be determined by substituting-- 7#a7 such earned income for the preceding taxable year1 for 7#b7 such earned income for the taxable year which includes the applicable disaster date4 7b7 ,qualified individual ,for purposes of this section1 the term qualified individual means any individual whose principal place of abode on the applicable disaster date1 was located-- 7#a7 in the core disaster area1 or 7#b7 in the ,louisiana storm and flood disaster area 7but outside the core disaster area7 and such individual was displaced from such principal place of abode by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7c7 ,earned income ,for purposes of this section1 the term earned income has the meaning given such term under section #cb7;c7 of such ,code4 7d7 ,special rules 7#a7 ,application to joint returns ,for purposes of subsection 7a71 in the case of a joint return for a taxable year which includes the applicable disaster date-- 7,a7 such subsection shall apply if either spouse is a qualified individual1 and 7,b7 the earned income of the taxpayer for the preceding taxable year shall be the sum of the earned income of each spouse for such preceding taxable year4 7#b7 ,uniform application of election ,any election made under subsection 7a7 shall apply with respect to both section #bd7;d7 and section #cb of such ,code4 7#c7 ,errors treated as mathematical error ,for purposes of section #fbac of such ,code1 an incorrect use on a return of earned income pursuant to subsection 7a7 shall be treated as a mathematical or clerical error4 7#d7 ,no effect on determination of gross income1 etc ,except as otherwise provided in this section1 the ,internal ,revenue ,code of #aihf shall be applied without regard to any substitution under subsection 7a74 #djg4 ,secretarial authority to make adjustments regarding taxpayer and dependency status ,with respect to taxable years beginning in #bjaf or #bjag1 the ,secretary of the ,treasury or the ,secretary's delegate may make such adjustments in the application of the internal revenue laws as may be necessary to ensure that taxpayers do not lose any deduction or credit or experience a change of filing status by reason of temporary relocations by reason of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 ,any adjustments made under the preceding sentence shall ensure that an individual is not taken into account by more than one taxpayer with respect to the same tax benefit4 #djh4 ,low-income housing credit 7a7 ,additional housing credit dollar amount 7#a7 ,in general ,for purposes of section #db of the ,internal ,revenue ,code of #aihf1 in the case of calendar years #bjag1 #bjah1 and #bjai1 the ,state housing credit ceiling of ,louisiana shall be increased by the lesser of-- 7,a7 the aggregate housing credit dollar amount allocated by the ,state housing credit agency of ,louisiana to buildings located in the ,louisiana storm and flood disaster area for such calendar year1 or 7,b7 the ,louisiana storm and flood housing amount for such ,state for such calendar year4 7#b7 ,louisiana storm and flood housing amount ,for purposes of paragraph 7#a71 the term ,louisiana storm and flood housing amount means1 for any calendar year1 the amount equal to the product of #ah4jj multiplied by the portion of the ,louisiana population which is in the ,louisiana storm and flood disaster area 7as determined on the basis of the most recent census estimate of resident population released by the ,bureau of the ,census before ,august #bh1 #bjaf74 7#c7 ,allocations treated as made first from additional allocation amount for purposes of determining carryover ,for purposes of determining the unused ,state housing credit ceiling under section #db7;h77#c77;,c7 of such ,code for any calendar year1 any increase in the ,state housing credit ceiling under paragraph 7#a7 shall be treated as an amount described in clause 7ii7 of such section4 7b7 ,additional housing credit dollar amount for ,louisiana ,for purposes of section #db of such ,code1 in the case of calendar years #bjag and #bjah1 the ,state housing credit ceiling of ,louisiana shall each be increased by #c1ejj1jjj4 7c7 ,difficult development area 7#a7 ,in general ,for purposes of section #db of such ,code1 in the case of property placed in service during the period beginning on ,january #a1 #bjag1 and ending on ,december #ca1 #bjba1 the ,louisiana storm and flood disaster area-- 7,a7 shall be treated as difficult development areas designated under subclause 7,i7 of section #db7;d77#e77;,b77iii7 of such ,code1 and 7,b7 shall not be taken into account for purposes of applying the limitation under subclause 7,,ii7 of such section4 7#b7 ,application ,paragraph 7#a7 shall apply only to-- 7,a7 housing credit dollar amounts allocated during the period beginning on ,january #a1 #bjag1 and ending on ,december #ca1 #bjai1 and 7,b7 buildings placed in service during the period described in paragraph 7#a7 to the extent that paragraph 7#a7 of section #db7;h7 does not apply to any building by reason of paragraph 7#d7 thereof1 but only with respect to bonds issued after ,december #ca1 #bjaf4 7d7 ,special rule for applying income tests ,in the case of property placed in service-- 7#a7 during #bjag1 #bjah1 or #bjai1 7#b7 in the ,louisiana storm and flood disaster area1 and 7#c7 in a nonmetropolitan area 7as defined in section #db7;d77#e77;,b77iv77,,iv771 section #db of such ,code shall be applied by substituting national nonmetropolitan median gross income 7determined under rules similar to the rules of section #adb7;d77#b77;,b77 for area median gross income in subparagraphs 7,a7 and 7,b7 of section #db7;g77#a7 of such ,code4 7e7 ,definitions ,any term used in this section which is also used in section #db shall have the same meaning as when used in such section4 #dji4 ,application of new markets tax credit to investments in community development entities serving ,louisiana storm and flood disaster area ,for purposes of section #de;,d of the ,internal ,revenue ,code of #aihf-- 7#a7 a qualified community development entity shall be eligible for an allocation under subsection 7f77#b7 thereof of the increase in the new markets tax credit limitation described in paragraph 7#b7 only if a significant mission of such entity is the recovery and redevelopment of the ,louisiana storm and flood disaster area1 7#b7 the new markets tax credit limitation otherwise determined under subsection 7f77#a7 thereof shall be increased by an amount equal to-- 7,a7 #cjj1jjj1jjj for #bjaf and #bjag1 to be allocated among qualified community development entities to make qualified low-income community investments within the ,louisiana storm and flood disaster area1 and 7,b7 #djj1jjj1jjj for #bjah1 to be so allocated1 and 7#c7 subsection 7f77#c7 thereof shall be applied separately with respect to the amount of the increase under paragraph 7#b74 #daj4 ,tax-exempt bond financing 7a7 ,in general ,for purposes of the ,internal ,revenue ,code of #aihf-- 7#a7 any qualified ,louisiana storm and flood disaster area bond described in paragraph 7#b77;,a77i7 shall be treated as an exempt facility bond1 and 7#b7 any qualified ,louisiana storm and flood disaster area bond described in paragraph 7#b77;,a77ii7 shall be treated as a qualified mortgage bond4 7b7 ,qualified ,louisiana storm and flood disaster area bond ,for purposes of this subsection1 the term qualified ,louisiana storm and flood disaster area bond means any bond issued as part of an issue if-- 7#a7 7,a7 #ie percent or more of the net proceeds 7as defined in section #aej7;a77#c7 of such ,code7 of such issue are to be used for qualified project costs1 or 7,b7 such issue meets the requirements of a qualified mortgage issue1 except as otherwise provided in this subsection1 7#b7 such bond is issued by ,louisiana1 or any political subdivision thereof1 7#c7 such bond is designated for purposes of this section by-- 7,a7 in the case of a bond which is required under ,state law to be approved by the bond commission of ,louisiana1 such bond commission1 and 7,b7 in the case of any other bond1 the ,governor of ,louisiana1 7#d7 such bond is issued after the date of the enactment of this section and before ,january #a1 #bjbc1 and 7#e7 no portion of the proceeds of such issue is to be used to provide any property described in section #add7;c77#f77;,b7 of such ,code4 7c7 ,limitation on bonds 7#a7 ,aggregate amount designated ,the maximum aggregate face amount of bonds which may be designated under this subsection with respect to any ,state shall not exceed the product of #b1ejj multiplied by the portion of the ,louisiana population which is in the ,louisiana storm and flood disaster area 7as determined on the basis of the most recent census estimate of resident population released by the ,bureau of the ,census before ,august #bh1 #bjaf74 7#b7 ,movable property ,no bonds shall be issued which are to be used for movable fixtures and equipment4 7d7 ,qualified project costs ,for purposes of this subsection1 the term qualified project costs means-- 7#a7 the cost of any qualified residential rental project 7as defined in section #adb7;d7 of such ,code7 located in the ,louisiana storm and flood disaster area1 and 7#b7 the cost of acquisition1 construction1 reconstruction1 and renovation of-- 7,a7 nonresidential real property 7including fixed improvements associated with such property7 located in the ,louisiana storm and flood disaster area1 and 7,b7 public utility property 7as defined in section #afh7;i77#aj7 of such ,code7 located in the ,louisiana storm and flood disaster area4 7e7 ,special rules ,in applying this title to any qualified ,louisiana storm and flood disaster area bond1 the following modifications shall apply3 7#a7 ,section #adb7;d77#a7 of such ,code 7defining qualified residential rental project7 shall be applied-- 7,a7 by substituting #fj percent for #ej percent in subparagraph 7,a7 thereof1 and 7,b7 by substituting #gj percent for #fj percent in subparagraph 7,b7 thereof4 7#b7 ,section #adc of such ,code 7relating to mortgage revenue bonds3 qualified mortgage bond and qualified veterans' mortgage bond7 shall be applied-- 7,a7 only with respect to owner-occupied residences in the ,louisiana storm and flood disaster area1 7,b7 by treating any such residence in the ,louisiana storm and flood disaster area as a targeted area residence1 7,c7 by applying subsection 7f77#c7 thereof without regard to subparagraph 7,a7 thereof1 and 7,d7 by substituting #aej1jjj for #ae1jjj in subsection 7k77#d7 thereof4 7#c7 ,except as provided in section #adc of such ,code1 repayments of principal on financing provided by the issue of which such bond is a part may not be used to provide financing4 7#d7 ,section #adf of such ,code 7relating to volume cap7 shall not apply4 7#e7 ,section #adg7;d77#b7 of such ,code 7relating to acquisition of existing property not permitted7 shall be applied by substituting #ej percent for #ae percent each place it appears4 7#f7 ,section #adh7;f77#d77;,c7 of such ,code 7relating to exception from rebate for certain proceeds to be used to finance construction expenditures7 shall apply to the available construction proceeds of bonds which are part of an issue described in subsection 7b77#a77;,a74 7#g7 ,section #eg7;a77#e7 of such ,code 7relating to tax-exempt interest7 shall not apply4 7f7 ,special rule for repairs and reconstructions 7#a7 ,in general ,for purposes of section #adc of the ,internal ,revenue ,code of #aihf and this section1 any qualified ,louisiana storm and flood disaster area repair or reconstruction shall be treated as a qualified rehabilitation4 7#b7 ,qualified ,louisiana storm and flood disaster area repair or reconstruction ,for purposes of subparagraph 7,a71 the term qualified ,louisiana storm and flood disaster area repair or reconstruction means any repair of damage caused by the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a7 7or reconstruction of such building in the case of damage constituting destruction7 if the expenditures for such repair or reconstruction are #be percent or more of the mortgagor's adjusted basis in the residence4 ,for purposes of the preceding sentence1 the mortgagor's adjusted basis shall be determined as of the completion of the repair or reconstruction or1 if later1 the date on which the mortgagor acquires the residence4 7#c7 ,termination ,this paragraph shall apply only to owner-financing provided after the date of the enactment of this subsection and before ,january #a1 #bjbc4 #daa4 ,expensing for certain demolition and clean-up costs 7a7 ,in general ,a taxpayer may elect to treat #ej percent of any qualified ,louisiana storm and flood disaster area clean-up cost as an expense which is not chargeable to capital account4 ,any cost so treated shall be allowed as a deduction for the taxable year in which such cost is paid or incurred4 7b7 ,qualified ,louisiana storm and flood disaster area clean-,up cost ,for purposes of this subsection1 the term qualified ,louisiana storm and flood disaster area clean-up cost means any amount paid or incurred during the period beginning on the applicable disaster date1 and ending on ,december #ca1 #bjah1 for the removal of debris from1 or the demolition of structures on1 real property which is located in the ,louisiana storm and flood disaster area and which is-- 7#a7 held by the taxpayer for use in a trade or business or for the production of income1 or 7#b7 property described in section #abba7;a77#a7 in the hands of the taxpayer4 ,for purposes of the preceding sentence1 amounts paid or incurred shall be taken into account only to the extent that such amount would 7but for subsection 7a77 be chargeable to capital account4 #dab4 ,extension of expensing for environmental remediation costs ,with respect to any qualified environmental remediation expenditure 7as defined in section #aih7;b77 paid or incurred on or after the applicable disaster date1 in connection with a qualified contaminated site located in the ,louisiana storm and flood disaster area1 section #aih 7relating to expensing of environmental remediation costs7 shall be applied-- 7#a7 in the case of expenditures paid or incurred on or after the applicable disaster date1 and before ,january #a1 #bjai1 by substituting ,december #ca1 #bjah for the date contained in section #aih7;h71 and 7#b7 except as provided in section #aih7;d77#b71 by treating petroleum products 7as defined in section #dfab7;a77#c77 as a hazardous substance4 #dac4 ,treatment of net operating losses attributable to ,louisiana storm and flood disaster area losses 7a7 ,in general ,if a portion of any net operating loss of the taxpayer for any taxable year is a qualified ,louisiana storm and flood disaster area loss1 the following rules shall apply3 7#a7 ,extension of carryback period ,section #agb7;b77#a7 of the ,internal ,revenue ,code of #aihf shall be applied with respect to such portion-- 7,a7 by substituting #e taxable years for #b taxable years in subparagraph 7,a77i7 thereof1 and 7,b7 by not taking such portion into account in determining any eligible loss of the taxpayer under subparagraph 7,f7 thereof for the taxable year4 7#b7 ,suspension of #ij percent amt limitation ,section #ef7;d77#a7 of such ,code shall be applied by increasing the amount determined under subparagraph 7,a77ii77,i7 thereof by the sum of the carrybacks and carryovers of any net operating loss attributable to such portion4 7b7 ,qualified ,louisiana storm and flood disaster area loss 7#a7 ,in general ,for purposes of subsection 7a71 the term qualified ,louisiana storm and flood disaster area loss means the lesser of-- 7,a7 the excess of-- 7i7 the net operating loss for such taxable year1 over 7ii7 the specified liability loss for such taxable year to which a #aj-year carryback applies under section #agb7;b77#a77;,c7 of such ,code1 or 7,b7 the aggregate amount of the following deductions to the extent taken into account in computing the net operating loss for such taxable year3 7i7 ,any deduction for any qualified ,louisiana storm and flood disaster area casualty loss4 7ii7 ,any deduction for moving expenses paid or incurred after the applicable disaster date1 and before ,january #a1 #bjai1 and allowable under this chapter to any taxpayer in connection with the employment of any individual-- 7,i7 whose principal place of abode was located in the ,louisiana storm and flood disaster area before the applicable disaster date1 7,,ii7 who was unable to remain in such abode as the result of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 and 7,,iii7 whose principal place of employment with the taxpayer after such expense is located in the ,louisiana storm and flood disaster area4 ,for purposes of this subparagraph1 the term moving expenses has the meaning given such term by section #bag7;b7 of such ,code1 except that the taxpayer's former residence and new residence may be the same residence if the initial vacating of the residence was as the result of the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7iii7 ,any deduction allowable under this chapter for expenses paid or incurred on or after the applicable disaster date1 and before ,january #a1 #bjai1 to temporarily house any employee of the taxpayer whose principal place of employment is in the ,louisiana storm and flood disaster area4 7iv7 ,any deduction for depreciation 7or amortization in lieu of depreciation7 allowable under this chapter with respect to any qualified ,louisiana storm and flood disaster area property for the taxable year such property is placed in service4 7v7 ,any deduction allowable under this chapter for repair expenses 7including expenses for removal of debris7 paid or incurred on or after the applicable disaster date1 and before ,january #a1 #bjai1 with respect to any damage attributable to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a7 and in connection with property which is located in the ,louisiana storm and flood disaster area4 7#b7 ,qualified ,louisiana storm and flood disaster area property ,for purposes of this subsection-- 7,a7 ,in general ,the term qualified ,louisiana storm and flood disaster area property means property-- 7i7 7,i7 which is described in section #afh7k77#b77;,a77i7 of the ,internal ,revenue ,code of #aihf1 or 7,,ii7 which is nonresidential real property or residential rental property1 7ii7 substantially all of the use of which is in the ,louisiana storm and flood disaster area and is in the active conduct of a trade or business by the taxpayer in such area1 7iii7 the original use of which in the ,louisiana storm and flood disaster area commences with the taxpayer on or after the applicable disaster date1 7iv7 which is acquired by the taxpayer by purchase 7as defined in section #agi7;d7 of such ,code7 on or after the applicable disaster date1 but only if no written binding contract for the acquisition was in effect before the applicable disaster date1 and 7v7 which is placed in service by the taxpayer on or before ,december #ca1 #bjah 7,december #ca1 #bjai1 in the case of nonresidential real property and residential rental property74 7,b7 ,exceptions 7i7 ,alternative depreciation property ,such term shall not include any property described in section #afh7k77#b77;,d7 of such ,code4 7ii7 ,tax-exempt bond-financed property ,such term shall not include any property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section #ajc of such ,code4 7iii7 ,qualified revitalization buildings ,such term shall not include any qualified revitalization building with respect to which the taxpayer has elected the application of paragraph 7#a7 or 7#b7 of section #adjj;,i7a7 of such ,code4 7c7 ,qualified ,louisiana storm and flood area casualty loss 7#a7 ,in general ,for purposes of paragraph 7#a77;,b77i71 the term qualified ,louisiana storm and flood area casualty loss means any uncompensated section #abca loss 7as defined in section #abca7;a77#c77;,b7 of such ,code7 of property located in the ,louisiana storm and flood disaster area1 if-- 7,a7 such loss is allowed as a deduction under section #afe of such ,code for the taxable year1 and 7,b7 such loss is by reason of the storms and flooding giving rise to the ,presidential declaration described in section #b7a74 7#b7 ,reduction for gains from involuntary conversion ,the amount of qualified ,louisiana storm and flood area casualty loss which would 7but for this paragraph7 be taken into account under paragraph 7#a7 for any taxable year shall be reduced by the amount of any gain recognized by the taxpayer for such year from the involuntary conversion by reason of the storms and flooding giving rise to the ,presidential declaration described in section #b7a7 of property located in the ,louisiana storm and flood disaster area4 7#c7 ,coordination with general disaster loss rules ,section #afe7;i7 of such ,code shall not apply to any qualified ,louisiana storm and flood disaster area casualty loss to the extent such loss is taken into account under this subsection4 7#d7 ,special rules ,for purposes of paragraph 7#a71 rules similar to the rules of paragraphs 7#b7 and 7#c7 of section #agb7;i7 of such ,code shall apply with respect to such portion4 #dad4 ,increased expensing for qualified timber property 7a7 ,in general ,in the case of qualified timber property any portion of which is located in the ,louisiana storm and flood disaster area1 the limitation under subparagraph 7,b7 of section #aid7;b77#a7 of such ,code shall be increased by the lesser of-- 7#a7 the limitation which would 7but for this section7 apply under such subparagraph1 or 7#b7 the amount of reforestation expenditures 7as defined in section #aid7;c77#c7 of such ,code7 paid or incurred by the taxpayer with respect to such qualified timber property during the specified portion of the taxable year4 7b7 ,definitions ,for purposes of this subsection-- 7#a7 ,specified portion ,the term specified portion means that portion of the taxable year which is on or after the applicable disaster date1 and before ,january #a1 #bjai4 7#b7 ,qualified timber property ,the term qualified timber property has the meaning given such term in section #aid7;c77#a7 of such ,code4 #dae4 ,disaster loss carryback 7a7 ,in general ,in the case of a loss occurring in the ,louisiana storm and flood disaster area and attributable to the severe storms and flooding giving rise to the ,presidential declaration described in section #b7a71 at the election of the taxpayer1 section #afe7;i77#a7 of the ,internal ,revenue ,code of #aihf shall be applied by substituting any of the #c taxable years preceding for the taxable year immediately preceding4 7b7 ,special rules 7#a7 ,determined without regard to adjusted gross income ,any loss described in subsection 7a7 shall be determined for the taxable year without regard to section #afe7;h77#b77;,a7 of such ,code4 7#b7 ,treated as sale or exchange ,notwithstanding section #afe7;h77#b77;,b7 of such ,code1 any loss described in subsection 7a7 shall be treated as a loss from a sale or exchange of a capital asset4 #daf4 ,housing relief for individuals affected by ,louisiana storms and flooding 7a7 ,exclusion of employer-,provided housing for individual affected by ,louisiana storms and flooding 7#a7 ,in general ,gross income of a qualified employee shall not include the value of any lodging furnished in kind to such employee 7and such employee's spouse or any of such employee's dependents7 by or on behalf of a qualified employer for any month during the taxable year4 7#b7 ,limitation ,the amount which may be excluded under paragraph 7#a7 for any month for which lodging is furnished during the taxable year shall not exceed #fjj4 7#c7 ,treatment of exclusion ,the exclusion under paragraph 7#a7 shall be treated as an exclusion under section #aai of such ,code 7other than for purposes of sections #caba7;a77#ai7 and #ccjf7;b77#ad7 of such ,code74 7b7 ,employer credit for housing employees affected by ,louisiana storms and flooding ,for purposes of section #ch1 in the case of a qualified employer1 the ,louisiana storm and flood housing credit for any month during the taxable year is an amount equal to #cj percent of any amount which is excludable from the gross income of a qualified employee of such employer under subsection 7a7 and not otherwise excludable under section #aai of such ,code4 7c7 ,qualified employee ,for purposes of this section1 the term qualified employee means1 with respect to any month1 an individual-- 7#a7 who had a principal residence 7as defined in section #aba of such ,code7 in the ,louisiana storm and flood disaster area on the applicable disaster date1 and 7#b7 who performs substantially all employment services-- 7,a7 in the ,louisiana storm and flood disaster area1 and 7,b7 for the qualified employer which furnishes lodging to such individual4 7d7 ,qualified employer ,for purposes of this section1 the term qualified employer means any employer with a trade or business located in the ,louisiana storm and flood disaster area4 7e7 ,certain rules ,to apply ,for purposes of this subsection1 rules similar to the rules of sections #ea7;i77#a7 and #eb of such ,code shall apply4 7f7 ,application of section ,this section shall apply to lodging furnished during the period-- 7#a7 beginning on the first day of the first month beginning after the date of the enactment of this section1 and 7#b7 ending on the date which is #f months after the first day described in paragraph 7#a74 7g7 ,treated as part of general business credit ,the ,louisiana storm and flood housing credit determined under subsection 7b7 shall be treated as listed in section #ch7;b7 of the ,internal ,revenue ,code of #aihf4