,i #aae? ,,congress #a/ ,session ,h4 ,r4 #bhdi ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #h1 #bjag,mr4 ,graves ( ,l\isiana 7= himself1 ,mr4 ,ri*mond1 ,mr4 ,abraham1 & ,mr4 ,higg9s ( ,l\isiana7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to provide em]g5cy tax relief = p]sons affect$ by sev]e /orms & flood+ occurr+ 9 ,l\isiana4 #a4 ,%ort title1 etc 7a7 ,%ort title ,?is ,act may be cit$ z ! ,l\isiana ,flood & ,/orm ,deva/ation ,tax ,relief ,act ( #bjag4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title1 etc4 ,sec4 #b4 ,l\isiana ,/orm & ,flood ,disa/] ,area4 ,title ,i--,special ,rules = ,use ( ,retirem5t ,funds = ,relief ,relat+ to ,l\isiana ,/orms & ,flood+ ,sec4 #aja4 ,tax-favor$ )drawals f retirem5t plans = relief relat+ to ,l\isiana /orms & flood+4 ,sec4 #ajb4 ,recontributions ( )drawals = home pur*ases cancel$ due to ! ,l\isiana /orms & flood+4 ,sec4 #ajc4 ,loans f qualifi$ plans = relief relat+ to ,l\isiana /orms & flood+4 ,sec4 #ajd4 ,provisions relat+ to plan am5dm5ts4 ,title ,j--,employm5t ,relief ,sec4 #bja4 ,"w opportunity tax cr$it = ,l\isiana /orm & flood employees4 ,sec4 #bjb4 ,employee ret5tion cr$it = employ]s affect$ by ,l\isiana /orms & flood+4 ,title ,k--,*>itable ,giv+ ,inc5tives ,sec4 #cja4 ,tempor>y susp5sion ( limitations on *>itable contributions4 ,sec4 #cjb4 ,additional exemption = h\s+ ,l\isiana /orm & flood displac$ individuals4 ,sec4 #cjc4 ,increase 9 /&>d mileage rate = *>itable use ( vehicles4 ,sec4 #cjd4 ,mileage reimbursem5ts to *>itable volunte]s exclud$ f gross income4 ,sec4 #cje4 ,*>itable d$uction = contributions ( book inv5tories to public s*ools4 ,title ,l--,additional ,tax ,relief ,provisions ,sec4 #dja4 ,exclusions ( c]ta9 cancellations ( indebt$ness by reason ( ,l\isiana /orms & flood+4 ,sec4 #djb4 ,susp5sion ( c]ta9 limitations on p]sonal casualty losses4 ,sec4 #djc4 ,requir$ ex]cise ( au?ority "u section #gejh;,a = tax relief relat+ to ,l\isiana /orms & flood+4 ,sec4 #djd4 ,special rules = mortgage rev5ue bonds relat+ to ,l\isiana /orms & flood+4 ,sec4 #dje4 ,ext5sion ( replacem5t p]iod = nonrecognition ( ga9 = prop]ty locat$ 9 ,l\isiana /orm & flood disa/] area4 ,sec4 #djf4 ,special rule = det]m9+ e>n$ income4 ,sec4 #djg4 ,secret>ial au?ority to make adju/m5ts reg>d+ taxpay] & dep5d5cy /atus4 ,sec4 #djh4 ,l[-income h\s+ cr$it4 ,sec4 #dji4 ,application ( new m>kets tax cr$it to inve/m5ts 9 community developm5t entities s]v+ ,l\isiana /orm & flood disa/] area4 ,sec4 #daj4 ,tax-exempt bond f9anc+4 ,sec4 #daa4 ,exp5s+ = c]ta9 demolition & clean-up co/s4 ,sec4 #dab4 ,ext5sion ( exp5s+ = environm5tal rem$iation co/s4 ,sec4 #dac4 ,treatm5t ( net op]at+ losses attributable to ,l\isiana /orm & flood disa/] area losses4 ,sec4 #dad4 ,increas$ exp5s+ = qualifi$ timb] prop]ty4 ,sec4 #dae4 ,disa/] loss c>ryback4 ,sec4 #daf4 ,h\s+ relief = individuals affect$ by ,l\isiana /orms & flood+4 #b4 ,l\isiana ,/orm & ,flood ,disa/] ,area ,= purposes ( ?is ,act-- 7#a7 ,l\isiana ,/orm & ,flood ,disa/] ,area ,! t]m ,l\isiana /orm & flood disa/] area means an area ) respect to :i* a major disa/] has be5 decl>$ by ! ,presid5t "u section #dja ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act-- 7,a7 be=e ,septemb] #c1 #bjaf1 by reason ( sev]e /orms & flood+ occurr+ 9 ,l\isiana dur+ ,augu/ ( #bjaf1 7,b7 be=e ,april #ba1 #bjaf1 by reason ( sev]e /orms & flood+ occurr+ 9 ,l\isiana dur+ ,m>* & ,april ( #bjaf1 & 7,c7 be=e ,febru>y #ab1 #bjag1 by reason ( tornadoes1 /orms1 & /raight l9e w9ds occurr+ 9 ,l\isiana on ,febru>y #g1 #bjag4 7#b7 ,core disa/] area ,! t]m core disa/] area means t portion ( ! ,l\isiana /orm & flood disa/] area det]m9$ by ! ,presid5t to w>rant individual or individual & public assi/ance f ! ,f$]al ,gov]nm5t "u su* ,act4 7#c7 ,applicable disa/] date ,! t]m applicable disa/] date means1 ) respect to any ,l\isiana /orm & flood disa/] area1 ! date ( ! fir/ day ( ! p]iod dur+ :i* ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 p>agraph 7#a7 occurr$4 ,i ,special ,rules = ,use ( ,retirem5t ,funds = ,relief ,relat+ to ,l\isiana ,/orms & ,flood+ #aja4 ,tax-favor$ )drawals f retirem5t plans = relief relat+ to ,l\isiana /orms & flood+ 7a7 ,9 g5]al ,section #gb7t7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all n apply to any qualifi$ ,l\isiana /orm & flood di/ribution4 7b7 ,aggregate doll> limitation 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! aggregate am\nt ( di/ributions receiv$ by an individual :i* may be treat$ z qualifi$ ,l\isiana /orm & flood di/ributions = any taxable ye> %all n exce$ ! excess 7if any7 (-- 7,a7 #ajj1jjj1 ov] 7,b7 ! aggregate am\nts treat$ z qualifi$ ,l\isiana /orm & flood di/ributions receiv$ by su* individual = all prior taxable ye>s4 7#b7 ,treatm5t ( plan di/ributions ,if a di/ribution to an individual w\ld 7)\t reg>d to p>agraph 7#a77 be a qualifi$ ,l\isiana /orm & flood di/ribution1 a plan %all n be treat$ z violat+ any requirem5t ( ! ,int]nal ,rev5ue ,code ( #aihf m]ely because ! plan treats su* di/ribution z a qualifi$ ,l\isiana /orm & flood di/ribution1 unless ! aggregate am\nt ( su* di/ributions f all plans ma9ta9$ by ! employ] 7& any memb] ( any controll$ gr\p :i* includes ! employ]7 to su* individual exce$s #ajj1jjj4 7#c7 ,controll$ gr\p ,= purposes ( p>agraph 7#b71 ! t]m controll$ gr\p means any gr\p treat$ z a s+le employ] "u subsection 7b71 7c71 7m71 or 7o7 ( section #dad ( su* ,code4 7c7 ,am\nt di/ribut$ may be repaid 7#a7 ,9 g5]al ,any individual :o receives a qualifi$ ,l\isiana /orm & flood di/ribution may1 at any "t dur+ ! #c-ye> p]iod beg9n+ on ! day aft] ! date on :i* su* di/ribution 0 receiv$1 make "o or m contributions 9 an aggregate am\nt n to exce$ ! am\nt ( su* di/ribution to an eligible retirem5t plan ( :i* su* individual is a b5efici>y & to :i* a rollov] contribution ( su* di/ribution c\ld be made "u section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 #djh7;d77#c71 or #deg7;e77#af7 ( su* ,code1 z ! case may be4 7#b7 ,treatm5t ( repaym5ts ( di/ributions f eligible retirem5t plans o!r ?an ,i,r,as ,= purposes ( su* ,code1 if a contribution is made pursuant to p>agraph 7#a7 ) respect to a qualifi$ ,l\isiana /orm & flood di/ribution f an eligible retirem5t plan o!r ?an an individual retirem5t plan1 !n ! taxpay] %all1 to ! ext5t ( ! am\nt ( ! contribution1 be treat$ z hav+ receiv$ ! qualifi$ ,l\isiana /orm & flood di/ribution 9 an eligible rollov] di/ribution 7z def9$ 9 section #djb7;c77#d7 ( su* ,code7 & z hav+ transf]r$ ! am\nt to ! eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7#c7 ,treatm5t ( repaym5ts = di/ributions f iras ,= purposes ( su* ,code1 if a contribution is made pursuant to p>agraph 7#a7 ) respect to a qualifi$ ,l\isiana /orm & flood di/ribution f an individual retirem5t plan 7z def9$ by section #ggja7;a77#cg7 ( su* ,code71 !n1 to ! ext5t ( ! am\nt ( ! contribution1 ! qualifi$ ,l\isiana /orm & flood di/ribution %all be treat$ z a di/ribution describ$ 9 section #djh7;d77#c7 ( su* ,code & z hav+ be5 transf]r$ to ! eligible retirem5t plan 9 a direct tru/ee to tru/ee transf] )9 #fj days ( ! di/ribution4 7d7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,qualifi$ ,l\isiana /orm & flood+ di/ribution ,except z provid$ 9 subsection 7b71 ! t]m qualifi$ ,l\isiana /orm & flood+ di/ribution means any di/ribution f an eligible retirem5t plan made on or aft] ! applicable disa/] date1 to an individual ^: pr9cipal resid5ce on or aft] su* date1 is locat$ 9 ! ,l\isiana /orm & flood disa/] area & :o has su/a9$ an economic loss by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7#b7 ,eligible retirem5t plan ,! t]m eligible retirem5t plan %all h ! mean+ giv5 su* t]m by section #djb7;c77#h77;,b7 ( su* ,code4 7e7 ,income inclusion spread ov] #c-,ye> p]iod = qualifi$ ,l\isiana /orm & flood+ di/ributions 7#a7 ,9 g5]al ,9 ! case ( any qualifi$ ,l\isiana /orm & flood di/ribution1 unless ! taxpay] elects n to h ?is subsection apply = any taxable ye>1 any am\nt requir$ to be includ$ 9 gross income = su* taxable ye> %all be s includ$ ratably ov] ! #c-taxable-ye> p]iod beg9n+ ) su* taxable ye>4 7#b7 ,special rule ,= purposes ( p>agraph 7#a71 rules simil> to ! rules ( subp>agraph 7,e7 ( section #djh;,a7d77#c7 ( su* ,code %all apply4 7f7 ,special rules 7#a7 ,exemption ( di/ributions f tru/ee to tru/ee transf] & )hold+ rules ,= purposes ( sections #dja7;a77#ca71 #djb7;f71 & #cdje ( su* ,code1 qualifi$ ,l\isiana /orm & flood di/ributions %all n be treat$ z eligible rollov] di/ributions4 7#b7 ,qualifi$ ,l\isiana /orm & flood+ di/ributions treat$ z meet+ plan di/ribution requirem5ts ,= purposes ( su* ,code1 a qualifi$ ,l\isiana /orm & flood di/ribution %all be treat$ z meet+ ! requirem5ts ( sections #dja7k77#b77;,b77i71 #djc7;b77#g77;,a77ii71 #djc7;b77#aa71 & #deg7;d77#a77;,a7 ( su* ,code4 #ajb4 ,recontributions ( )drawals = home pur*ases cancel$ due to ! ,l\isiana /orms & flood+ 7a7 ,recontributions 7#a7 ,9 g5]al ,any individual :o receiv$ a qualifi$ di/ribution may1 dur+ ! p]iod beg9n+ on ! applicable disa/] date1 & end+ on ,decemb] #ca1 #bjag1 make "o or m contributions 9 an aggregate am\nt n to exce$ ! am\nt ( su* qualifi$ di/ribution to an eligible retirem5t plan 7z def9$ 9 section #djb7;c77#h77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 ( :i* su* individual is a b5efici>y & to :i* a rollov] contribution ( su* di/ribution c\ld be made "u section #djb7;c71 #djc7;a77#d71 #djc7;b77#h71 or #djh7;d77#c7 ( su* ,code1 z ! case may be4 7#b7 ,treatm5t ( repaym5ts ,rules simil> to ! rules ( p>agraphs 7#b7 & 7#c7 ( section #aja7;c7 ( ?is ,act %all apply = purposes ( ?is section4 7b7 ,qualifi$ di/ribution def9$ ,= purposes ( ?is section1 ! t]m qualifi$ di/ribution means any di/ribution-- 7#a7 describ$ 9 section #dja7k77#b77;,b77i77,,iv71 #djc7;b77#g77;,a77ii7 7b only to ! ext5t su* di/ribution relates to f9ancial h>d%ip71 #djc7;b77#aa77;,b71 or #gb7t77#b77;,f7 ( su* ,code1 7#b7 7,a7 receiv$ aft]-- 7i7 ,febru>y #aj1 #bjaf1 & be=e ,augu/ #aa1 #bjaf1 9 ! case ( ! disa/] specifi$ 9 section #b7a77;,a71 7ii7 ,septemb] #cj1 #bjaf1 & be=e ,april #a1 #bjag1 9 ! case ( ! disa/] specifi$ 9 section #b7a77;,b71 or 7iii7 ,augu/ #g1 #bjag1 & be=e ,febru>y #h1 #bjah1 9 ! case ( ! disa/] specifi$ 9 section #b7a77;,c71 & 7,b7 :i* 0 to be us$ to pur*ase or con/ruct a pr9cipal resid5ce 9 ! ,l\isiana /orm & flood disa/] area1 b :i* 0 n s pur*as$ or con/ruct$ on acc\nt ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 #ajc4 ,loans f qualifi$ plans = relief relat+ to ,l\isiana /orms & flood+ 7a7 ,increase 9 limit on loans n treat$ z di/ributions ,9 ! case ( any loan f a qualifi$ employ] plan 7z def9$ "u section #gb7p77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 to a qualifi$ individual made aft] ! date ( enactm5t ( ?is ,act & be=e ,janu>y #a1 #bjah-- 7#a7 clause 7i7 ( section #gb7p77#b77;,a7 ( su* ,code %all be appli$ by sub/itut+ #ajj1jjj = #ej1jjj1 & 7#b7 clause 7ii7 ( su* section %all be appli$ by sub/itut+ ! pres5t value ( ! non=feitable accru$ b5efit ( ! employee "u ! plan = "o-half ( ! pres5t value ( ! non=feitable accru$ b5efit ( ! employee "u ! plan4 7b7 ,delay ( repaym5t ,9 ! case ( a qualifi$ individual ) an out/&+ loan on or aft] ! date t is #e days be=e ! applicable disa/] date1 f a qualifi$ employ] plan 7z def9$ 9 section #gb7p77#d7 ( su* ,code7-- 7#a7 if ! due date pursuant to subp>agraph 7,b7 or 7,c7 ( section #gb7p77#b7 ( su* ,code = any repaym5t ) respect to su* loan occurs dur+ ! p]iod beg9n+ on ! date t is #e days be=e ! applicable disa/] date1 & end+ on ,decemb] #ca1 #bjag1 su* due date %all be delay$ = #a ye>1 7#b7 any subsequ5t repaym5ts ) respect to any su* loan %all be appropriately adju/$ to reflect ! delay 9 ! due date "u p>agraph 7#a7 & any int]e/ accru+ dur+ su* delay1 & 7#c7 9 det]m9+ ! #e-ye> p]iod & ! t]m ( a loan "u subp>agraph 7,b7 or 7,c7 ( section #gb7p77#b7 ( su* ,code1 ! p]iod describ$ 9 p>agraph 7#a7 %all be disreg>d$4 7c7 ,qualifi$ individual ,= purposes ( ?is section1 ! t]m qualifi$ individual means an individual ^: pr9cipal place ( abode on ! date t is #e days be=e ! applicable disa/] date1 is locat$ 9 ! ,l\isiana /orm & flood disa/] area & :o has su/a9$ an economic loss by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 #ajd4 ,provisions relat+ to plan am5dm5ts 7a7 ,9 g5]al ,if ?is section applies to any am5dm5t to any plan or annuity contract1 su* plan or contract %all be treat$ z be+ op]at$ 9 accordance ) ! t]ms ( ! plan dur+ ! p]iod describ$ 9 subsection 7b77#b77;,a74 7b7 ,am5dm5ts to :i* section applies 7#a7 ,9 g5]al ,?is section %all apply to any am5dm5t to any plan or annuity contract :i* is made-- 7,a7 pursuant to any am5dm5t made by ?is title1 or pursuant to any regulation issu$ by ! ,secret>y ( ! ,treasury or ! ,secret>y ( ,labor "u ?is title1 & 7,b7 on or be=e ! la/ day ( ! fir/ plan ye> beg9n+ on or aft] ,janu>y #a1 #bjah1 or su* lat] date z ! ,secret>y ( ! ,treasury may prescribe4 ,9 ! case ( a gov]nm5tal plan 7z def9$ 9 section #dad7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf71 subp>agraph 7,b7 %all be appli$ by sub/itut+ ! date :i* is #b ye>s aft] ! date o!rwise appli$ "u subp>agraph 7,b74 7#b7 ,conditions ,?is section %all n apply to any am5dm5t unless-- 7,a7 dur+ ! p]iod-- 7i7 beg9n+ on ! date ! legislative or regulatory am5dm5t describ$ 9 p>agraph 7#a77;,a7 takes effect 7or 9 ! case ( a plan or contract am5dm5t n requir$ by su* legislative or regulatory am5dm5t1 ! effective date specifi$ by ! plan71 & 7ii7 end+ on ! date describ$ 9 p>agraph 7#a77;,b7 7or1 if e>li]1 ! date ! plan or contract am5dm5t is adopt$71 ! plan or contract is op]at$ z if su* plan or contract am5dm5t 7 9 effect1 & 7,b7 su* plan or contract am5dm5t applies retroactively = su* p]iod4 ,j ,employm5t ,relief #bja4 ,"w opportunity tax cr$it = ,l\isiana /orm & flood employees 7a7 ,9 g5]al ,= purposes ( section #ea ( ! ,int]nal ,rev5ue ,code ( #aihf1 a ,l\isiana /orm & flood employee %all be treat$ z a memb] ( a t>get$ gr\p4 7b7 ,l\isiana /orm & flood employee ,= purposes ( ?is section1 ! t]m ,l\isiana /orm & flood employee means-- 7#a7 any individual :o on ! applicable disa/] date1 _h a pr9cipal place ( abode 9 ! core disa/] area & :o is hir$ be=e ,janu>y #a1 #bjai1 = a position ! pr9cipal place ( employm5t ( :i* is locat$ 9 ! core disa/] area1 & 7#b7 any individual :o on su* date _h a pr9cipal place ( abode 9 ! core disa/] area1 :o is displac$ f su* abode by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 & :o is hir$ dur+ ! p]iod beg9n+ on su* date & end+ on ,decemb] #ca1 #bjag4 7c7 ,reasonable id5tification acceptable ,9 lieu ( ! c]tification requirem5t "u section #ea7;d77#ac77;,a7 ( su* ,code1 an individual may provide to ! employ] reasonable evid5ce t ! individual is a ,l\isiana /orm & flood employee1 & subp>agraph 7,b7 ( su* section %all be appli$ z if su* evid5ce 7 a c]tification describ$ 9 su* subp>agraph4 7d7 ,special rules = det]m9+ cr$it ,= purposes ( apply+ subp>t ,f ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code to wages paid or incurr$ to any ,l\isiana /orm & flood employee-- 7#a7 section #ea7;c77#d7 ( su* ,code %all n apply1 & 7#b7 section #ea7;i77#b7 ( su* ,code %all n apply ) respect to ! fir/ hire ( su* employee z a ,l\isiana /orm & flood employee1 unless su* employee 0 an employee ( ! employ] on ! applicable disa/] date4 #bjb4 ,employee ret5tion cr$it = employ]s affect$ by ,l\isiana /orms & flood+ 7a7 ,9 g5]al ,9 ! case ( an eligible employ]1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf = ! taxable ye> an am\nt equal to #dj p]c5t ( ! qualifi$ wages ) respect to ea* eligible employee ( su* employ] = su* taxable ye>4 ,= purposes ( ! prec$+ s5t5ce1 ! am\nt ( qualifi$ wages :i* may be tak5 into acc\nt ) respect to any individual %all n exce$ #f1jjj4 7b7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,eligible employ] ,! t]m eligible employ] means any employ]-- 7,a7 :i* conduct$ an active trade or bus9ess on ! applicable disa/] date1 9 a core disa/] area1 & 7,b7 ) respect to :om ! trade or bus9ess describ$ 9 subp>agraph 7,a7 is inop]able on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjah1 z a result ( damage su/a9$ by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7#b7 ,eligible employee ,! t]m eligible employee means ) respect to an eligible employ] an employee ^: pr9cipal place ( employm5t on ! applicable disa/] date1 ) su* eligible employ] 0 9 a core disa/] area4 7#c7 ,qualifi$ wages ,! t]m qualifi$ wages means wages 7z def9$ 9 section #ea7;c77#a7 ( su* ,code1 b )\t reg>d to section #ccjf7;b77#b77;,b7 ( su* ,code7 paid or incurr$ by an eligible employ] ) respect to an eligible employee on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjah1 :i* occurs dur+ ! p]iod-- 7,a7 beg9n+ on ! date on :i* ! trade or bus9ess describ$ 9 p>agraph 7#a7 fir/ became inop]able at ! pr9cipal place ( employm5t ( ! employee imm$iately be=e ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 & 7,b7 end+ on ! date on :i* su* trade or bus9ess has resum$ significant op]ations at su* pr9cipal place ( employm5t4 ,su* t]m %all include wages paid )\t reg>d to :e!r ! employee p]=ms no s]vices1 p]=ms s]vices at a diff]5t place ( employm5t ?an su* pr9cipal place ( employm5t1 or p]=ms s]vices at su* pr9cipal place ( employm5t be=e significant op]ations h resum$4 7c7 ,cr$it n all[$ = l>ge bus9esses ,! t]m eligible employ] %all n include any trade or bus9ess = any taxable ye> if su* trade or bus9ess employ$ an av]age ( m ?an #bjj employees on bus9ess days dur+ ! taxable ye>4 7d7 ,c]ta9 rules ,to apply ,= purposes ( ?is section1 rules simil> to ! rules ( sections #ea7;i77#a71 #eb1 & #bhj;,c7a7 ( su* ,code %all apply4 7e7 ,employee n tak5 into acc\nt m ?an once ,an employee %all n be treat$ z an eligible employee = purposes ( ?is section = any p]iod ) respect to any employ] if su* employ] is all[$ a cr$it "u section #ea ( su* ,code ) respect to su* employee = su* p]iod4 7f7 ,cr$it ,to be "p ( g5]al bus9ess cr$it ,! cr$it all[$ "u ?is section %all be add$ to ! curr5t ye> bus9ess cr$it "u section #ch7;b7 ( su* ,code & %all be treat$ z a cr$it all[$ "u subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code4 ,k ,*>itable ,giv+ ,inc5tives #cja4 ,tempor>y susp5sion ( limitations on *>itable contributions 7a7 ,9 g5]al ,except z o!rwise provid$ 9 subsection 7b71 section #agj7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all n apply to qualifi$ contributions & su* contributions %all n be tak5 into acc\nt = purposes ( apply+ subsections 7b7 & 7d7 ( section #agj ( su* ,code to o!r contributions4 7b7 ,treatm5t ( excess contributions ,= purposes ( section #agj ( su* ,code-- 7#a7 ,individuals ,9 ! case ( an individual-- 7,a7 ,limitation ,any qualifi$ contribution %all be all[$ only to ! ext5t t ! aggregate ( su* contributions does n exce$ ! excess ( ! taxpay]'s contribution base 7z def9$ 9 subp>agraph 7,g7 ( section #agj7;b77#a7 ( su* ,code7 ov] ! am\nt ( all o!r *>itable contributions all[$ "u su* section #agj7;b77#a74 7,b7 ,c>ryov] ,if ! aggregate am\nt ( qualifi$ contributions made 9 ! contribution ye> 7)9 ! mean+ ( section #agj7;d77#a7 ( su* ,code7 exce$s ! limitation ( subp>agraph 7,a71 su* excess %all be add$ to ! excess describ$ 9 ! portion ( subp>agraph 7,a7 ( su* section :i* prec$es clause 7i7 !re( = purposes ( apply+ su* section4 7#b7 ,corporations ,9 ! case ( a corporation-- 7,a7 ,limitation ,any qualifi$ contribution %all be all[$ only to ! ext5t t ! aggregate ( su* contributions does n exce$ ! excess ( ! taxpay]'s taxable income 7z det]m9$ "u p>agraph 7#b7 ( section #agj7;b7 ( su* ,code7 ov] ! am\nt ( all o!r *>itable contributions all[$ "u su* p>agraph4 7,b7 ,c>ryov] ,rules simil> to ! rules ( p>agraph 7#a77;,b7 %all apply = purposes ( ?is p>agraph4 7c7 ,exception to ov]all limitation on itemiz$ d$uctions ,s mu* ( any d$uction all[$ "u section #agj ( su* ,code z does n exce$ ! qualifi$ contributions paid dur+ ! taxable ye> %all n be treat$ z an itemiz$ d$uction = purposes ( section #fh ( su* ,code4 7d7 ,qualifi$ contributions 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! t]m qualifi$ contribution means any *>itable contribution 7z def9$ 9 section #agj7;c7 ( su* ,code7-- 7,a7 paid dur+ ! p]iod beg9n+ on ! applicable disa/] date1 & end+ on ,augu/ #ca1 #bjag1 9 ca% to an organization describ$ 9 section #agj7;b77#a77;,a7 ( su* ,code 7o!r ?an an organization describ$ 9 section #eji7;a77#c7 ( su* ,code71 7,b7 9 ! case ( a contribution paid by a corporation1 su* contribution is = relief ef=ts relat$ to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 & 7,c7 ) respect to :i* ! taxpay] has elect$ ! application ( ?is section4 7#b7 ,exception ,su* t]m %all n include a contribution if ! contribution is = e/abli%m5t ( a new1 or ma9t5ance 9 an exi/+1 segregat$ fund or acc\nt ) respect to :i* ! donor 7or any p]son appo9t$ or designat$ by su* donor7 has1 or reasonably expects to h1 advisory privileges ) respect to di/ributions or inve/m5ts by reason ( ! donor's /atus z a donor4 7#c7 ,application ( election to p>tn]%ips & ,s corporations ,9 ! case ( a p>tn]%ip or ,s corporation1 ! election "u p>agraph 7#a77;,c7 %all be made sep>ately by ea* p>tn] or %>ehold]4 #cjb4 ,additional exemption = h\s+ ,l\isiana /orm & flood displac$ individuals 7a7 ,9 g5]al ,9 ! case ( taxable ye>s ( a natural p]son beg9n+ 9 #bjaf or #bjag1 = purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 taxable income %all be r$uc$ by #fjj = ea* ,l\isiana /orm & flood displac$ individual ( ! taxpay] = ! taxable ye>4 7b7 ,limitations 7#a7 ,doll> limitation ,! r$uction "u subsection 7a7 %all n exce$ #b1ejj1 r$uc$ by ! am\nt ( ! r$uction "u ?is section = all prior taxable ye>s4 7#b7 ,individuals tak5 into acc\nt only once ,an individual %all n be tak5 into acc\nt "u subsection 7a7 if su* individual 0 tak5 into acc\nt "u su* subsection by ! taxpay] = any prior taxable ye>4 7#c7 ,id5tify+ in=mation requir$ ,an individual %all n be tak5 into acc\nt "u subsection 7a7 = a taxable ye> unless ! taxpay] id5tification numb] ( su* individual is includ$ on ! return ( ! taxpay] = su* taxable ye>4 7c7 ,l\isiana /orm & flood displac$ individual ,= purposes ( ?is section1 ! t]m ,l\isiana /orm & flood displac$ individual means1 ) respect to any taxpay] = any taxable ye>1 any natural p]son if-- 7#a7 su* p]son's pr9cipal place ( abode on ! applicable disa/] date1 0 9 ! ,l\isiana /orm & flood disa/] area1 7#b7 7,a7 9 ! case ( su* an abode locat$ 9 ! core disa/] area1 su* p]son is displac$ f su* abode1 or 7,b7 9 ! case ( su* an abode locat$ outside ( ! core disa/] area1 su* p]son is displac$ f su* abode1 &-- 7i7 su* abode 0 damag$ by ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 or 7ii7 su* p]son 0 evacuat$ f su* abode by reason ( su* /orms & flood+1 & 7#c7 su* p]son is provid$ h\s+ free ( *>ge by ! taxpay] 9 ! pr9cipal resid5ce ( ! taxpay] = a p]iod ( #fj consecutive days :i* ends 9 su* taxable ye>4 ,su* t]m %all n include ! sp\se or any dep5d5t ( ! taxpay]4 7d7 ,comp5sation = h\s+ ,no d$uction %all be all[$ "u ?is section if ! taxpay] receives any r5t or o!r am\nt 7f any s\rce7 9 connection ) ! provid+ ( su* h\s+4 #cjc4 ,increase 9 /&>d mileage rate = *>itable use ( vehicles ,not)/&+ section #agj7;i7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 = purposes ( comput+ ! d$uction "u section #agj ( su* ,code = use ( a vehicle describ$ 9 subsection 7f77#ab77;,e77i7 ( su* section = provision ( relief dur+ ! p]iod beg9n+ on ! applicable disa/] date1 & end+ on ,decemb] #ca1 #bjag1 & relat$ to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 ! /&>d mileage rate %all be #gj p]c5t ( ! /&>d mileage rate 9 effect "u section #afb7;a7 ( su* ,code at ! "t ( su* use4 ,any increase "u ?is section %all be r\nd$ to ! next highe/ c5t4 #cjd4 ,mileage reimbursem5ts to *>itable volunte]s exclud$ f gross income 7a7 ,9 g5]al ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 gross income ( an individual = taxable ye>s end+ on or aft] ! applicable disa/] date1 does n include am\nts receiv$1 f an organization describ$ 9 section #agj7;c7 ( su* ,code1 z reimbursem5t ( op]at+ exp5ses ) respect to use ( a pass5g] automobile = ! b5efit ( su* organization 9 connection ) provid+ relief dur+ ! p]iod beg9n+ on ! applicable disa/] date1 & end+ on ,decemb] #ca1 #bjag1 & relat+ to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 ,! prec$+ s5t5ce %all apply only to ! ext5t t ! exp5ses :i* are reimburs$ w\ld be d$uctible "u *apt] #a ( su* ,code if section #bgd7;d7 ( su* ,code 7 appli$-- 7#a7 by us+ ! /&>d bus9ess mileage rate 9 effect "u section #afb7;a7 at ! "t ( su* use1 & 7#b7 z if ! individual 7 an employee ( an organization n describ$ 9 section #agj7;c7 ( su* ,code4 7b7 ,application ,to volunte] s]vices only ,subsection 7a7 %all n apply ) respect to any exp5ses relat+ to ! p]=mance ( s]vices = comp5sation4 7c7 ,no d\ble b5efit ,no d$uction or cr$it %all be all[$ "u any o!r provision ( su* ,code ) respect to ! exp5ses excludable f gross income "u subsection 7a74 #cje4 ,*>itable d$uction = contributions ( book inv5tories to public s*ools 7a7 ,9 g5]al ,= purposes ( section #agj ( ! ,int]nal ,rev5ue ,code ( #aihf1 subsection 7e77#c77;,d7 %all be appli$-- 7#a7 z if clause 7iv7 !re( appli$ to ! p]iod beg9n+ on ! applicable disa/] date & end+ on ,decemb] #ca1 #bjag1 & 7#b7 to a qualifi$ book contribution to a public s*ool locat$ 9 ! core disa/] area4 7b7 ,qualifi$ book contribution ,= purposes ( subsection 7a71 ! t]m qualifi$ book contribution has ! mean+ giv5 su* t]m by section #agj7;e77#c77;,d77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,l ,additional ,tax ,relief ,provisions #dja4 ,exclusions ( c]ta9 cancellations ( indebt$ness by reason ( ,l\isiana /orms & flood+ 7a7 ,9 g5]al ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 gross income %all n include any am\nt :i* 7b = ?is section7 w\ld be includible 9 gross income by reason ( ! dis*>ge 79 :ole or 9 "p7 ( indebt$ness ( a natural p]son describ$ 9 subsection 7b7 by an applicable entity 7z def9$ 9 section #fjej,p7c77#a7 ( su* ,code74 7b7 ,p]sons describ$ ,a natural p]son is describ$ 9 ?is subsection if ! pr9cipal place ( abode ( su* p]son on ! applicable disa/] date1 0 locat$-- 7#a7 9 ! core disa/] area1 or 7#b7 9 ! ,l\isiana /orm & flood disa/] area 7b outside ! core disa/] area7 & su* p]son suff]$ economic loss by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7c7 ,exceptions 7#a7 ,bus9ess indebt$ness ,subsection 7a7 %all n apply to any indebt$ness incurr$ 9 connection ) a trade or bus9ess4 7#b7 ,real prop]ty outside core disa/] area ,subsection 7a7 %all n apply to any dis*>ge ( indebt$ness to ! ext5t t real prop]ty con/itut+ security = su* indebt$ness is locat$ outside ( ! ,l\isiana /orm & flood disa/] area4 7d7 ,d5ial ( d\ble b5efit ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! am\nt exclud$ f gross income "u subsection 7a7 %all be treat$ 9 ! same mann] z an am\nt exclud$ "u section #ajh7;a7 ( su* ,code4 7e7 ,effective date ,?is section %all apply to dis*>ges made on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjah4 #djb4 ,susp5sion ( c]ta9 limitations on p]sonal casualty losses ,p>agraphs 7#a7 & 7#b77;,a7 ( section #afe7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all n apply to losses describ$ 9 section #afe7;c77#c7 ( su* ,code :i* arise 9 ! ,l\isiana /orm & flood disa/] area on or aft] ! applicable disa/] date1 & :i* are attributable to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 ,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$+ s5t5ce4 #djc4 ,requir$ ex]cise ( au?ority "u section #gejh;,a = tax relief relat+ to ,l\isiana /orms & flood+ 7a7 ,9 g5]al ,9 ! case ( any taxpay] det]m9$ by ! ,secret>y ( ! ,treasury to be affect$ by ! ,presid5tially decl>$ disa/] relat+ to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a7-- 7#a7 any relief provid$ by ! ,secret>y ( ! ,treasury "u section #gejh;,a ( ! ,int]nal ,rev5ue ,code ( #aihf %all be = a p]iod end+ n e>li] ?an ,augu/ #ca1 #bjag1 & %all be treat$ z apply+ to ! fil+ ( returns relat+ to1 & ! paym5t (1 employm5t & excise taxes2 & 7#b7 ) respect to any income tax liability1 ! ,secret>y ( ! ,treasury %all abate any int]e/1 p5alty1 additional am\nt1 or addition to tax :i* accru$ dur+ ! p]iod beg9n+ on ,augu/ #aa1 #bjaf1 & end+ on ,janu>y #ag1 #bjag4 7b7 ,effective date ,subsection 7a7 %all apply = any p]iod = p]=m+ an act :i* has n expir$ be=e ! applicable disa/] date4 #djd4 ,special rules = mortgage rev5ue bonds relat+ to ,l\isiana /orms & flood+ 7a7 ,9 g5]al ,9 ! case ( f9anc+ provid$ ) respect to a qualifi$ ,l\isiana /orm & flood recov]y resid5ce1 section #adc7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all be appli$ z if su* resid5ce 7 a t>get$ area resid5ce4 7b7 ,qualifi$ ,l\isiana /orms & flood+ recov]y resid5ce ,= purposes ( ?is section1 ! t]m qualifi$ ,l\isiana /orm & flood recov]y resid5ce means-- 7#a7 any resid5ce 9 ! core disa/] area1 & 7#b7 any o!r resid5ce if-- 7,a7 su* o!r resid5ce is locat$ 9 ! same ,/ate z ! pr9cipal resid5ce ref]r$ to 9 subp>agraph 7,b71 & 7,b7 ! mortgagor ) respect to su* o!r resid5ce own$ a pr9cipal resid5ce on ! applicable disa/] date1 :i*-- 7i7 0 locat$ 9 ! ,l\isiana /orm & flood disa/] area1 & 7ii7 0 r5d]$ un9habitable by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7c7 ,special rule = home improvem5t loans ,9 ! case ( any loan ) respect to a resid5ce 9 ! ,l\isiana /orm & flood disa/] area1 section #adc7k77#d7 ( su* ,code %all be appli$ by sub/itut+ #aej1jjj = ! doll> am\nt conta9$ !re9 to ! ext5t su* loan is = ! repair ( damage by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7d7 ,application ,subsection 7a7 %all n apply to f9anc+ provid$ aft] ,decemb] #ca1 #bjah4 #dje4 ,ext5sion ( replacem5t p]iod = nonrecognition ( ga9 = prop]ty locat$ 9 ,l\isiana /orm & flood disa/] area ,section #ajcc7;a77#b77;,b77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all be appli$ by sub/itut+ #e ye>s = #b ye>s ) respect to prop]ty 9 ! ,l\isiana /orm & flood disa/] area :i* is compulsorily or involunt>ily conv]t$ on or aft] ! applicable disa/] date1 by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 b only if sub/antially all ( ! use ( ! replacem5t prop]ty is 9 su* area4 #djf4 ,special rule = det]m9+ e>n$ income 7a7 ,9 g5]al ,9 ! case ( a qualifi$ individual1 if ! e>n$ income ( ! taxpay] = ! taxable ye> :i* includes ! applicable disa/] date1 is less ?an ! e>n$ income ( ! taxpay] = ! prec$+ taxable ye>1 ! cr$its all[$ "u sections #bd7;d7 & #cb ( ! ,int]nal ,rev5ue ,code ( #aihf may1 at ! election ( ! taxpay]1 be det]m9$ by sub/itut+-- 7#a7 su* e>n$ income = ! prec$+ taxable ye>1 = 7#b7 su* e>n$ income = ! taxable ye> :i* includes ! applicable disa/] date4 7b7 ,qualifi$ individual ,= purposes ( ?is section1 ! t]m qualifi$ individual means any individual ^: pr9cipal place ( abode on ! applicable disa/] date1 0 locat$-- 7#a7 9 ! core disa/] area1 or 7#b7 9 ! ,l\isiana /orm & flood disa/] area 7b outside ! core disa/] area7 & su* individual 0 displac$ f su* pr9cipal place ( abode by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7c7 ,e>n$ income ,= purposes ( ?is section1 ! t]m e>n$ income has ! mean+ giv5 su* t]m "u section #cb7;c7 ( su* ,code4 7d7 ,special rules 7#a7 ,application to jo9t returns ,= purposes ( subsection 7a71 9 ! case ( a jo9t return = a taxable ye> :i* includes ! applicable disa/] date-- 7,a7 su* subsection %all apply if ei!r sp\se is a qualifi$ individual1 & 7,b7 ! e>n$ income ( ! taxpay] = ! prec$+ taxable ye> %all be ! sum ( ! e>n$ income ( ea* sp\se = su* prec$+ taxable ye>4 7#b7 ,uni=m application ( election ,any election made "u subsection 7a7 %all apply ) respect to bo? section #bd7;d7 & section #cb ( su* ,code4 7#c7 ,errors treat$ z ma!matical error ,= purposes ( section #fbac ( su* ,code1 an incorrect use on a return ( e>n$ income pursuant to subsection 7a7 %all be treat$ z a ma!matical or cl]ical error4 7#d7 ,no effect on det]m9ation ( gross income1 etc ,except z o!rwise provid$ 9 ?is section1 ! ,int]nal ,rev5ue ,code ( #aihf %all be appli$ )\t reg>d to any sub/itution "u subsection 7a74 #djg4 ,secret>ial au?ority to make adju/m5ts reg>d+ taxpay] & dep5d5cy /atus ,) respect to taxable ye>s beg9n+ 9 #bjaf or #bjag1 ! ,secret>y ( ! ,treasury or ! ,secret>y's delegate may make su* adju/m5ts 9 ! application ( ! int]nal rev5ue laws z may be necess>y to ensure t taxpay]s d n lose any d$uction or cr$it or exp]i5ce a *ange ( fil+ /atus by reason ( tempor>y relocations by reason ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 ,any adju/m5ts made "u ! prec$+ s5t5ce %all ensure t an individual is n tak5 into acc\nt by m ?an "o taxpay] ) respect to ! same tax b5efit4 #djh4 ,l[-income h\s+ cr$it 7a7 ,additional h\s+ cr$it doll> am\nt 7#a7 ,9 g5]al ,= purposes ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf1 9 ! case ( cal5d> ye>s #bjag1 #bjah1 & #bjai1 ! ,/ate h\s+ cr$it ceil+ ( ,l\isiana %all be increas$ by ! less] (-- 7,a7 ! aggregate h\s+ cr$it doll> am\nt allocat$ by ! ,/ate h\s+ cr$it ag5cy ( ,l\isiana to build+s locat$ 9 ! ,l\isiana /orm & flood disa/] area = su* cal5d> ye>1 or 7,b7 ! ,l\isiana /orm & flood h\s+ am\nt = su* ,/ate = su* cal5d> ye>4 7#b7 ,l\isiana /orm & flood h\s+ am\nt ,= purposes ( p>agraph 7#a71 ! t]m ,l\isiana /orm & flood h\s+ am\nt means1 = any cal5d> ye>1 ! am\nt equal to ! product ( #ah4jj multipli$ by ! portion ( ! ,l\isiana population :i* is 9 ! ,l\isiana /orm & flood disa/] area 7z det]m9$ on ! basis ( ! mo/ rec5t c5sus e/imate ( resid5t population releas$ by ! ,bureau ( ! ,c5sus be=e ,augu/ #bh1 #bjaf74 7#c7 ,allocations treat$ z made fir/ f additional allocation am\nt = purposes ( det]m9+ c>ryov] ,= purposes ( det]m9+ ! unus$ ,/ate h\s+ cr$it ceil+ "u section #db7;h77#c77;,c7 ( su* ,code = any cal5d> ye>1 any increase 9 ! ,/ate h\s+ cr$it ceil+ "u p>agraph 7#a7 %all be treat$ z an am\nt describ$ 9 clause 7ii7 ( su* section4 7b7 ,additional h\s+ cr$it doll> am\nt = ,l\isiana ,= purposes ( section #db ( su* ,code1 9 ! case ( cal5d> ye>s #bjag & #bjah1 ! ,/ate h\s+ cr$it ceil+ ( ,l\isiana %all ea* be increas$ by #c1ejj1jjj4 7c7 ,difficult developm5t area 7#a7 ,9 g5]al ,= purposes ( section #db ( su* ,code1 9 ! case ( prop]ty plac$ 9 s]vice dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjag1 & end+ on ,decemb] #ca1 #bjba1 ! ,l\isiana /orm & flood disa/] area-- 7,a7 %all be treat$ z difficult developm5t areas designat$ "u subclause 7,i7 ( section #db7;d77#e77;,b77iii7 ( su* ,code1 & 7,b7 %all n be tak5 into acc\nt = purposes ( apply+ ! limitation "u subclause 7,,ii7 ( su* section4 7#b7 ,application ,p>agraph 7#a7 %all apply only to-- 7,a7 h\s+ cr$it doll> am\nts allocat$ dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjag1 & end+ on ,decemb] #ca1 #bjai1 & 7,b7 build+s plac$ 9 s]vice dur+ ! p]iod describ$ 9 p>agraph 7#a7 to ! ext5t t p>agraph 7#a7 ( section #db7;h7 does n apply to any build+ by reason ( p>agraph 7#d7 !re(1 b only ) respect to bonds issu$ aft] ,decemb] #ca1 #bjaf4 7d7 ,special rule = apply+ income te/s ,9 ! case ( prop]ty plac$ 9 s]vice-- 7#a7 dur+ #bjag1 #bjah1 or #bjai1 7#b7 9 ! ,l\isiana /orm & flood disa/] area1 & 7#c7 9 a nonmetropolitan area 7z def9$ 9 section #db7;d77#e77;,b77iv77,,iv771 section #db ( su* ,code %all be appli$ by sub/itut+ national nonmetropolitan m$ian gross income 7det]m9$ "u rules simil> to ! rules ( section #adb7;d77#b77;,b77 = area m$ian gross income 9 subp>agraphs 7,a7 & 7,b7 ( section #db7;g77#a7 ( su* ,code4 7e7 ,def9itions ,any t]m us$ 9 ?is section :i* is also us$ 9 section #db %all h ! same mean+ z :5 us$ 9 su* section4 #dji4 ,application ( new m>kets tax cr$it to inve/m5ts 9 community developm5t entities s]v+ ,l\isiana /orm & flood disa/] area ,= purposes ( section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 a qualifi$ community developm5t entity %all be eligible = an allocation "u subsection 7f77#b7 !re( ( ! increase 9 ! new m>kets tax cr$it limitation describ$ 9 p>agraph 7#b7 only if a significant mission ( su* entity is ! recov]y & r$evelopm5t ( ! ,l\isiana /orm & flood disa/] area1 7#b7 ! new m>kets tax cr$it limitation o!rwise det]m9$ "u subsection 7f77#a7 !re( %all be increas$ by an am\nt equal to-- 7,a7 #cjj1jjj1jjj = #bjaf & #bjag1 to be allocat$ among qualifi$ community developm5t entities to make qualifi$ l[-income community inve/m5ts )9 ! ,l\isiana /orm & flood disa/] area1 & 7,b7 #djj1jjj1jjj = #bjah1 to be s allocat$1 & 7#c7 subsection 7f77#c7 !re( %all be appli$ sep>ately ) respect to ! am\nt ( ! increase "u p>agraph 7#b74 #daj4 ,tax-exempt bond f9anc+ 7a7 ,9 g5]al ,= purposes ( ! ,int]nal ,rev5ue ,code ( #aihf-- 7#a7 any qualifi$ ,l\isiana /orm & flood disa/] area bond describ$ 9 p>agraph 7#b77;,a77i7 %all be treat$ z an exempt facility bond1 & 7#b7 any qualifi$ ,l\isiana /orm & flood disa/] area bond describ$ 9 p>agraph 7#b77;,a77ii7 %all be treat$ z a qualifi$ mortgage bond4 7b7 ,qualifi$ ,l\isiana /orm & flood disa/] area bond ,= purposes ( ?is subsection1 ! t]m qualifi$ ,l\isiana /orm & flood disa/] area bond means any bond issu$ z "p ( an issue if-- 7#a7 7,a7 #ie p]c5t or m ( ! net proce$s 7z def9$ 9 section #aej7;a77#c7 ( su* ,code7 ( su* issue are to be us$ = qualifi$ project co/s1 or 7,b7 su* issue meets ! requirem5ts ( a qualifi$ mortgage issue1 except z o!rwise provid$ 9 ?is subsection1 7#b7 su* bond is issu$ by ,l\isiana1 or any political subdivision !re(1 7#c7 su* bond is designat$ = purposes ( ?is section by-- 7,a7 9 ! case ( a bond :i* is requir$ "u ,/ate law to be approv$ by ! bond commission ( ,l\isiana1 su* bond commission1 & 7,b7 9 ! case ( any o!r bond1 ! ,gov]nor ( ,l\isiana1 7#d7 su* bond is issu$ aft] ! date ( ! enactm5t ( ?is section & be=e ,janu>y #a1 #bjbc1 & 7#e7 no portion ( ! proce$s ( su* issue is to be us$ to provide any prop]ty describ$ 9 section #add7;c77#f77;,b7 ( su* ,code4 7c7 ,limitation on bonds 7#a7 ,aggregate am\nt designat$ ,! maximum aggregate face am\nt ( bonds :i* may be designat$ "u ?is subsection ) respect to any ,/ate %all n exce$ ! product ( #b1ejj multipli$ by ! portion ( ! ,l\isiana population :i* is 9 ! ,l\isiana /orm & flood disa/] area 7z det]m9$ on ! basis ( ! mo/ rec5t c5sus e/imate ( resid5t population releas$ by ! ,bureau ( ! ,c5sus be=e ,augu/ #bh1 #bjaf74 7#b7 ,movable prop]ty ,no bonds %all be issu$ :i* are to be us$ = movable fixtures & equipm5t4 7d7 ,qualifi$ project co/s ,= purposes ( ?is subsection1 ! t]m qualifi$ project co/s means-- 7#a7 ! co/ ( any qualifi$ resid5tial r5tal project 7z def9$ 9 section #adb7;d7 ( su* ,code7 locat$ 9 ! ,l\isiana /orm & flood disa/] area1 & 7#b7 ! co/ ( acquisition1 con/ruction1 recon/ruction1 & r5ovation (-- 7,a7 nonresid5tial real prop]ty 7includ+ fix$ improvem5ts associat$ ) su* prop]ty7 locat$ 9 ! ,l\isiana /orm & flood disa/] area1 & 7,b7 public utility prop]ty 7z def9$ 9 section #afh7;i77#aj7 ( su* ,code7 locat$ 9 ! ,l\isiana /orm & flood disa/] area4 7e7 ,special rules ,9 apply+ ?is title to any qualifi$ ,l\isiana /orm & flood disa/] area bond1 ! foll[+ modifications %all apply3 7#a7 ,section #adb7;d77#a7 ( su* ,code 7def9+ qualifi$ resid5tial r5tal project7 %all be appli$-- 7,a7 by sub/itut+ #fj p]c5t = #ej p]c5t 9 subp>agraph 7,a7 !re(1 & 7,b7 by sub/itut+ #gj p]c5t = #fj p]c5t 9 subp>agraph 7,b7 !re(4 7#b7 ,section #adc ( su* ,code 7relat+ to mortgage rev5ue bonds3 qualifi$ mortgage bond & qualifi$ vet]ans' mortgage bond7 %all be appli$-- 7,a7 only ) respect to own]-occupi$ resid5ces 9 ! ,l\isiana /orm & flood disa/] area1 7,b7 by treat+ any su* resid5ce 9 ! ,l\isiana /orm & flood disa/] area z a t>get$ area resid5ce1 7,c7 by apply+ subsection 7f77#c7 !re( )\t reg>d to subp>agraph 7,a7 !re(1 & 7,d7 by sub/itut+ #aej1jjj = #ae1jjj 9 subsection 7k77#d7 !re(4 7#c7 ,except z provid$ 9 section #adc ( su* ,code1 repaym5ts ( pr9cipal on f9anc+ provid$ by ! issue ( :i* su* bond is a "p may n be us$ to provide f9anc+4 7#d7 ,section #adf ( su* ,code 7relat+ to volume cap7 %all n apply4 7#e7 ,section #adg7;d77#b7 ( su* ,code 7relat+ to acquisition ( exi/+ prop]ty n p]mitt$7 %all be appli$ by sub/itut+ #ej p]c5t = #ae p]c5t ea* place x appe>s4 7#f7 ,section #adh7;f77#d77;,c7 ( su* ,code 7relat+ to exception f rebate = c]ta9 proce$s to be us$ to f9ance con/ruction exp5ditures7 %all apply to ! available con/ruction proce$s ( bonds :i* are "p ( an issue describ$ 9 subsection 7b77#a77;,a74 7#g7 ,section #eg7;a77#e7 ( su* ,code 7relat+ to tax-exempt int]e/7 %all n apply4 7f7 ,special rule = repairs & recon/ructions 7#a7 ,9 g5]al ,= purposes ( section #adc ( ! ,int]nal ,rev5ue ,code ( #aihf & ?is section1 any qualifi$ ,l\isiana /orm & flood disa/] area repair or recon/ruction %all be treat$ z a qualifi$ rehabilitation4 7#b7 ,qualifi$ ,l\isiana /orm & flood disa/] area repair or recon/ruction ,= purposes ( subp>agraph 7,a71 ! t]m qualifi$ ,l\isiana /orm & flood disa/] area repair or recon/ruction means any repair ( damage caus$ by ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a7 7or recon/ruction ( su* build+ 9 ! case ( damage con/itut+ de/ruction7 if ! exp5ditures = su* repair or recon/ruction are #be p]c5t or m ( ! mortgagor's adju/$ basis 9 ! resid5ce4 ,= purposes ( ! prec$+ s5t5ce1 ! mortgagor's adju/$ basis %all be det]m9$ z ( ! completion ( ! repair or recon/ruction or1 if lat]1 ! date on :i* ! mortgagor acquires ! resid5ce4 7#c7 ,t]m9ation ,?is p>agraph %all apply only to own]-f9anc+ provid$ aft] ! date ( ! enactm5t ( ?is subsection & be=e ,janu>y #a1 #bjbc4 #daa4 ,exp5s+ = c]ta9 demolition & clean-up co/s 7a7 ,9 g5]al ,a taxpay] may elect to treat #ej p]c5t ( any qualifi$ ,l\isiana /orm & flood disa/] area clean-up co/ z an exp5se :i* is n *>geable to capital acc\nt4 ,any co/ s treat$ %all be all[$ z a d$uction = ! taxable ye> 9 :i* su* co/ is paid or incurr$4 7b7 ,qualifi$ ,l\isiana /orm & flood disa/] area clean-,up co/ ,= purposes ( ?is subsection1 ! t]m qualifi$ ,l\isiana /orm & flood disa/] area clean-up co/ means any am\nt paid or incurr$ dur+ ! p]iod beg9n+ on ! applicable disa/] date1 & end+ on ,decemb] #ca1 #bjah1 = ! removal ( debris f1 or ! demolition ( /ructures on1 real prop]ty :i* is locat$ 9 ! ,l\isiana /orm & flood disa/] area & :i* is-- 7#a7 held by ! taxpay] = use 9 a trade or bus9ess or = ! production ( income1 or 7#b7 prop]ty describ$ 9 section #abba7;a77#a7 9 ! h&s ( ! taxpay]4 ,= purposes ( ! prec$+ s5t5ce1 am\nts paid or incurr$ %all be tak5 into acc\nt only to ! ext5t t su* am\nt w\ld 7b = subsection 7a77 be *>geable to capital acc\nt4 #dab4 ,ext5sion ( exp5s+ = environm5tal rem$iation co/s ,) respect to any qualifi$ environm5tal rem$iation exp5diture 7z def9$ 9 section #aih7;b77 paid or incurr$ on or aft] ! applicable disa/] date1 9 connection ) a qualifi$ contam9at$ site locat$ 9 ! ,l\isiana /orm & flood disa/] area1 section #aih 7relat+ to exp5s+ ( environm5tal rem$iation co/s7 %all be appli$-- 7#a7 9 ! case ( exp5ditures paid or incurr$ on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjai1 by sub/itut+ ,decemb] #ca1 #bjah = ! date conta9$ 9 section #aih7;h71 & 7#b7 except z provid$ 9 section #aih7;d77#b71 by treat+ petroleum products 7z def9$ 9 section #dfab7;a77#c77 z a haz>d\s sub/ance4 #dac4 ,treatm5t ( net op]at+ losses attributable to ,l\isiana /orm & flood disa/] area losses 7a7 ,9 g5]al ,if a portion ( any net op]at+ loss ( ! taxpay] = any taxable ye> is a qualifi$ ,l\isiana /orm & flood disa/] area loss1 ! foll[+ rules %all apply3 7#a7 ,ext5sion ( c>ryback p]iod ,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 7#b7 ,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 su* portion4 7b7 ,qualifi$ ,l\isiana /orm & flood disa/] area loss 7#a7 ,9 g5]al ,= purposes ( subsection 7a71 ! t]m qualifi$ ,l\isiana /orm & flood disa/] area 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 ! aggregate am\nt ( ! foll[+ d$uctions to ! ext5t tak5 into acc\nt 9 comput+ ! net op]at+ loss = su* taxable ye>3 7i7 ,any d$uction = any qualifi$ ,l\isiana /orm & flood disa/] area casualty loss4 7ii7 ,any d$uction = mov+ exp5ses paid or incurr$ aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjai1 & all[able "u ?is *apt] to any taxpay] 9 connection ) ! employm5t ( any individual-- 7,i7 ^: pr9cipal place ( abode 0 locat$ 9 ! ,l\isiana /orm & flood disa/] area be=e ! applicable disa/] date1 7,,ii7 :o 0 unable to rema9 9 su* abode z ! result ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 & 7,,iii7 ^: pr9cipal place ( employm5t ) ! taxpay] aft] su* exp5se is locat$ 9 ! ,l\isiana /orm & flood disa/] area4 ,= purposes ( ?is subp>agraph1 ! t]m mov+ exp5ses has ! mean+ giv5 su* t]m by section #bag7;b7 ( su* ,code1 except t ! taxpay]'s =m] resid5ce & new resid5ce may be ! same resid5ce if ! initial vacat+ ( ! resid5ce 0 z ! result ( ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7iii7 ,any d$uction all[able "u ?is *apt] = exp5ses paid or incurr$ on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjai1 to tempor>ily h\se any employee ( ! taxpay] ^: pr9cipal place ( employm5t is 9 ! ,l\isiana /orm & flood disa/] area4 7iv7 ,any d$uction = depreciation 7or amortization 9 lieu ( depreciation7 all[able "u ?is *apt] ) respect to any qualifi$ ,l\isiana /orm & flood disa/] area prop]ty = ! taxable ye> su* prop]ty is plac$ 9 s]vice4 7v7 ,any d$uction all[able "u ?is *apt] = repair exp5ses 7includ+ exp5ses = removal ( debris7 paid or incurr$ on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjai1 ) respect to any damage attributable to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a7 & 9 connection ) prop]ty :i* is locat$ 9 ! ,l\isiana /orm & flood disa/] area4 7#b7 ,qualifi$ ,l\isiana /orm & flood disa/] area prop]ty ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,! t]m qualifi$ ,l\isiana /orm & flood disa/] area prop]ty means prop]ty-- 7i7 7,i7 :i* is describ$ 9 section #afh7k77#b77;,a77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 or 7,,ii7 :i* is nonresid5tial real prop]ty or resid5tial r5tal prop]ty1 7ii7 sub/antially all ( ! use ( :i* is 9 ! ,l\isiana /orm & flood disa/] area & is 9 ! active conduct ( a trade or bus9ess by ! taxpay] 9 su* area1 7iii7 ! orig9al use ( :i* 9 ! ,l\isiana /orm & flood disa/] area comm5ces ) ! taxpay] on or aft] ! applicable disa/] date1 7iv7 :i* is acquir$ by ! taxpay] by pur*ase 7z def9$ 9 section #agi7;d7 ( su* ,code7 on or aft] ! applicable disa/] date1 b only if no writt5 b9d+ contract = ! acquisition 0 9 effect be=e ! applicable disa/] date1 & 7v7 :i* is plac$ 9 s]vice by ! taxpay] on or be=e ,decemb] #ca1 #bjah 7,decemb] #ca1 #bjai1 9 ! case ( nonresid5tial real prop]ty & resid5tial r5tal prop]ty74 7,b7 ,exceptions 7i7 ,alt]native depreciation prop]ty ,su* t]m %all n include any prop]ty describ$ 9 section #afh7k77#b77;,d7 ( su* ,code4 7ii7 ,tax-exempt bond-f9anc$ prop]ty ,su* t]m %all n include any prop]ty any portion ( :i* is f9anc$ ) ! proce$s ( any obligation ! int]e/ on :i* is exempt f tax "u section #ajc ( su* ,code4 7iii7 ,qualifi$ revitalization build+s ,su* t]m %all n include any qualifi$ revitalization build+ ) respect to :i* ! taxpay] has elect$ ! application ( p>agraph 7#a7 or 7#b7 ( section #adjj;,i7a7 ( su* ,code4 7c7 ,qualifi$ ,l\isiana /orm & flood area casualty loss 7#a7 ,9 g5]al ,= purposes ( p>agraph 7#a77;,b77i71 ! t]m qualifi$ ,l\isiana /orm & flood area casualty loss means any uncomp5sat$ section #abca loss 7z def9$ 9 section #abca7;a77#c77;,b7 ( su* ,code7 ( prop]ty locat$ 9 ! ,l\isiana /orm & flood disa/] area1 if-- 7,a7 su* loss is all[$ z a d$uction "u section #afe ( su* ,code = ! taxable ye>1 & 7,b7 su* loss is by reason ( ! /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a74 7#b7 ,r$uction = ga9s f involunt>y conv]sion ,! am\nt ( qualifi$ ,l\isiana /orm & flood area casualty loss :i* w\ld 7b = ?is p>agraph7 be tak5 into acc\nt "u p>agraph 7#a7 = any taxable ye> %all be r$uc$ by ! am\nt ( any ga9 recogniz$ by ! taxpay] = su* ye> f ! involunt>y conv]sion by reason ( ! /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a7 ( prop]ty locat$ 9 ! ,l\isiana /orm & flood disa/] area4 7#c7 ,coord9ation ) g5]al disa/] loss rules ,section #afe7;i7 ( su* ,code %all n apply to any qualifi$ ,l\isiana /orm & flood disa/] area casualty loss to ! ext5t su* loss is tak5 into acc\nt "u ?is subsection4 7#d7 ,special rules ,= purposes ( p>agraph 7#a71 rules simil> to ! rules ( p>agraphs 7#b7 & 7#c7 ( section #agb7;i7 ( su* ,code %all apply ) respect to su* portion4 #dad4 ,increas$ exp5s+ = qualifi$ timb] prop]ty 7a7 ,9 g5]al ,9 ! case ( qualifi$ timb] prop]ty any portion ( :i* is locat$ 9 ! ,l\isiana /orm & flood disa/] area1 ! limitation "u subp>agraph 7,b7 ( section #aid7;b77#a7 ( su* ,code %all be increas$ by ! less] (-- 7#a7 ! limitation :i* w\ld 7b = ?is section7 apply "u su* subp>agraph1 or 7#b7 ! am\nt ( re=e/ation exp5ditures 7z def9$ 9 section #aid7;c77#c7 ( su* ,code7 paid or incurr$ by ! taxpay] ) respect to su* qualifi$ timb] prop]ty dur+ ! specifi$ portion ( ! taxable ye>4 7b7 ,def9itions ,= purposes ( ?is subsection-- 7#a7 ,specifi$ portion ,! t]m specifi$ portion means t portion ( ! taxable ye> :i* is on or aft] ! applicable disa/] date1 & be=e ,janu>y #a1 #bjai4 7#b7 ,qualifi$ timb] prop]ty ,! t]m qualifi$ timb] prop]ty has ! mean+ giv5 su* t]m 9 section #aid7;c77#a7 ( su* ,code4 #dae4 ,disa/] loss c>ryback 7a7 ,9 g5]al ,9 ! case ( a loss occurr+ 9 ! ,l\isiana /orm & flood disa/] area & attributable to ! sev]e /orms & flood+ giv+ rise to ! ,presid5tial decl>ation describ$ 9 section #b7a71 at ! election ( ! taxpay]1 section #afe7;i77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf %all be appli$ by sub/itut+ any ( ! #c taxable ye>s prec$+ = ! taxable ye> imm$iately prec$+4 7b7 ,special rules 7#a7 ,det]m9$ )\t reg>d to adju/$ gross income ,any loss describ$ 9 subsection 7a7 %all be det]m9$ = ! taxable ye> )\t reg>d to section #afe7;h77#b77;,a7 ( su* ,code4 7#b7 ,treat$ z sale or ex*ange ,not)/&+ section #afe7;h77#b77;,b7 ( su* ,code1 any loss describ$ 9 subsection 7a7 %all be treat$ z a loss f a sale or ex*ange ( a capital asset4 #daf4 ,h\s+ relief = individuals affect$ by ,l\isiana /orms & flood+ 7a7 ,exclusion ( employ]-,provid$ h\s+ = individual affect$ by ,l\isiana /orms & flood+ 7#a7 ,9 g5]al ,gross income ( a qualifi$ employee %all n include ! value ( any lodg+ furni%$ 9 k9d to su* employee 7& su* employee's sp\se or any ( su* employee's dep5d5ts7 by or on behalf ( a qualifi$ employ] = any mon? dur+ ! taxable ye>4 7#b7 ,limitation ,! am\nt :i* may be exclud$ "u p>agraph 7#a7 = any mon? = :i* lodg+ is furni%$ dur+ ! taxable ye> %all n exce$ #fjj4 7#c7 ,treatm5t ( exclusion ,! exclusion "u p>agraph 7#a7 %all be treat$ z an exclusion "u section #aai ( su* ,code 7o!r ?an = purposes ( sections #caba7;a77#ai7 & #ccjf7;b77#ad7 ( su* ,code74 7b7 ,employ] cr$it = h\s+ employees affect$ by ,l\isiana /orms & flood+ ,= purposes ( section #ch1 9 ! case ( a qualifi$ employ]1 ! ,l\isiana /orm & flood h\s+ cr$it = any mon? dur+ ! taxable ye> is an am\nt equal to #cj p]c5t ( any am\nt :i* is excludable f ! gross income ( a qualifi$ employee ( su* employ] "u subsection 7a7 & n o!rwise excludable "u section #aai ( su* ,code4 7c7 ,qualifi$ employee ,= purposes ( ?is section1 ! t]m qualifi$ employee means1 ) respect to any mon?1 an individual-- 7#a7 :o _h a pr9cipal resid5ce 7z def9$ 9 section #aba ( su* ,code7 9 ! ,l\isiana /orm & flood disa/] area on ! applicable disa/] date1 & 7#b7 :o p]=ms sub/antially all employm5t s]vices-- 7,a7 9 ! ,l\isiana /orm & flood disa/] area1 & 7,b7 = ! qualifi$ employ] :i* furni%es lodg+ to su* individual4 7d7 ,qualifi$ employ] ,= purposes ( ?is section1 ! t]m qualifi$ employ] means any employ] ) a trade or bus9ess locat$ 9 ! ,l\isiana /orm & flood disa/] area4 7e7 ,c]ta9 rules ,to apply ,= purposes ( ?is subsection1 rules simil> to ! rules ( sections #ea7;i77#a7 & #eb ( su* ,code %all apply4 7f7 ,application ( section ,?is section %all apply to lodg+ furni%$ dur+ ! p]iod-- 7#a7 beg9n+ on ! fir/ day ( ! fir/ mon? beg9n+ aft] ! date ( ! enactm5t ( ?is section1 & 7#b7 end+ on ! date :i* is #f mon?s aft] ! fir/ day describ$ 9 p>agraph 7#a74 7g7 ,treat$ z "p ( g5]al bus9ess cr$it ,! ,l\isiana /orm & flood h\s+ cr$it det]m9$ "u subsection 7b7 %all be treat$ z li/$ 9 section #ch7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf4