,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cbjf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ab1 #bjah ,mr4  
,nelson introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide tax    
relief to areas affect$ by toxic algal  
blooms4  #a4 ,%ort title  ,?is ,act may 
be cit$ z ! ,toxic ,algae ,tax ,relief  
,act4  #b4 ,toxic algae zone d$uction   
7a7 ,9 g5]al ,section #afe ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$-- 7#a7 by
 r$esignat+ subsection 7m7 z subsection 
7n72 &  7#b7 by ins]t+ aft] subsection  
7l7 ! foll[+3  7m7 ,special d$uction =  
losses attributable to a toxic algae    
zone  7#a7 ,9 g5]al ,not)/&+ any o!r    
provision ( ?is section1 9 ! case ( a   
taxpay] :o op]ates a qualifi$ trade or  
bus9ess 9 a toxic algae zone1 !re %all  
be all[$ z a d$uction an am\nt equal    
to--  7,a7 ! av]age qualifi$ net pr(its 
( su* trade or bus9ess dur+ ! p]iod ( ! 
#c taxable ye>s prec$+ ! taxable ye> 9  

:i* a qualifi$ incid5t occurr$1 m9us    
7,b7 ! qualifi$ net pr(its ( su* trade  
or bus9ess dur+ ! taxable ye> 9 :i* su* 
qualifi$ ev5t occurr$4  7#b7 ,additional
 d$uction ,! d$uction all[$ "u ?is      
subsection %all be 9 addition to any    
d$uction all[$ "u subsection 7a74  7#c7 
,ye> ( election ,= purposes ( ! d$uction
 all[$ "u ?is subsection1 su* d$uction  
may1 at ! election ( ! taxpay]1 be      
claim$ 9--  7,a7 ! taxable ye> 9 :i* !  
qualifi$ incid5t occurr$1 or  7,b7 !    
taxable ye> imm$iately prec$+ ! taxable 
ye> describ$ 9 subp>agraph 7,a74  7#d7  
,def9itions ,9 ?is subsection3 7,a7     
,qualifi$ incid5t ,! t]m qualifi$       
incid5t means any act or ev5t t exposes 
an area to toxic algal blooms1 z det]m9$
 by ! ,secret>y 9 consultation ) !      
,national ,oceanic & ,atmosph]ic        
,adm9i/ration4  7,b7 ,qualifi$ net      
pr(its ,! t]m qualifi$ net pr(its means 
! net pr(its ( a qualifi$ trade or      
bus9ess :i* is prop]ly attributable to  
activities ( su* trade or bus9ess )9 a  

toxic algae zone4  7,c7 ,qualifi$ trade 
or bus9ess ,! t]m qualifi$ trade or     
bus9ess means a trade or bus9ess t meets
 ! gross receipts te/ "u subsection 7c7 
( section #ddh4  7,d7 ,/ate ,! t]m ,/ate
 means any ( ! sev]al ,/ates1 ! ,di/rict
 ( ,columbia1 or any t]ritory or        
possession ( ! ,unit$ ,/ates4  7,e7     
,toxic algae zone  7i7 ,9 g5]al ,! t]m  
toxic algae zone means any c5sus tract  
or political subdivision ( a ,/ate :i*  
has be5 designat$ by ! ,secret>y1 9     
consultation ) ! ,national ,oceanic &   
,atmosph]ic ,adm9i/ration1 z exp]i5c+   
economic h>d%ip :i* is directly         
attributable to a qualifi$ incid5t4     
7ii7 ,limitation ,a c5sus tract or      
political subdivision ( a ,/ate may n be
 designat$ z a toxic algae zone = a     
p]iod ( consecutive ye>s 9 excess ( #c  
ye>s4  7,f7 ,toxic algal bloom ,! t]m   
toxic algal bloom means ! exi/5ce (     
algae on or ne> ! surface ( wat] 9      
quantities suffici5t to cause anoxic    
conditions 9 su* wat]4  4  7b7          

,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjag4