A bill to amend the Internal Revenue Code of 1986 to provide a tax deduction for the purchase, construction, and installation of a safe room or storm shelter, and for other purposes.
Storm Shelter Tax Relief Act - Amends the Internal Revenue Code to allow a tax deduction, up to $2,500 in a taxable year, for the cost (including labor) of purchasing, constructing, and installing a qualified storm shelter. Terminates such deduction after 2012.
Rescinds unobligated funds from the Community Development Fund authorized by the Department of Housing and Urban Development Appropriations Act, 2010 and the Department of Defense and Full-Year Continuing Appropriations Act, 2011.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5774-5776)
Read twice and referred to the Committee on Finance.
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