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Summary

The Midwestern Disaster Tax Relief Act of 2008 (S. 3322 and H.R. 6587) is intended to assist with the recovery from the severe weather that affected the Midwest during the summer of 2008. The Jobs, Energy, Families, and Disaster Relief Act of 2008 (S. 3335) includes some similar provisions, but these are not limited to the Midwest disaster. The disaster relief in the three bills is similar to that provided to assist with the recovery from the 2005 hurricanes and the 2007 Kansas tornadoes. This report broadly discusses the disaster relief provisions in S. 3322/H.R. 6587 and S. 3335. The Midwestern Disaster Tax Relief Act of 2008 (S. 3322/H.R. 6587), introduced by Senator Grassley and Representative Loebsack, provides temporary tax relief intended to assist with the recovery from the severe storms, tornadoes, and flooding that occurred during the summer of 2008 in the Midwest. The relief would be available in the presidentially declared disaster areas in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin, primarily in the areas determined by the President to warrant individual or individual and public assistance. The Jobs, Energy, Families, and Disaster Relief Act of 2008 (S. 3335), introduced by Senator Baucus, contains some temporary tax provisions intended to assist in disaster recovery generally.1 Its provisions are not limited to the Midwest disaster -- in general, the provisions would be effective after December 31, 2007, and apply to any federally declared disaster occurring before January 1, 2010. S. 3335 has fewer relief provisions than S. 3322/H.R. 6587. The ones it does contain are generally similar to those in S. 3322/H.R. 6587, accounting for the differences that are due to the fact that S. 3335 is not limited to the Midwest disaster. Tax-Exempt Bonds. Section 2(e)(1) of the Grassley/Loebsack bill would allow affected states to issue tax-exempt bonds to finance (1) qualified activities involving

Related Legislation:
• S.3322
• H.R.6587
• S.3335

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