Sec. 5. Other disaster-related tax relief provisions
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In the case of a qualified disaster relief contribution made by a corporation— section 2205(a)(2)(B) of the CARES Act shall be applied first to qualified contributions without regard to any qualified disaster relief contributions and then separately to such qualified disaster relief contribution, and in applying such section to such qualified disaster relief contributions, clause
(i)thereof shall be applied— by substituting 100 percent for 25 percent , and by treating qualified contributions other than qualified disaster relief contributions as contributions allowed under section 170(b)(2) of the Internal Revenue Code of 1986. For purposes of this subsection, the term qualified disaster relief contribution means any qualified contribution (as defined in section 2205(a)(3) of the CARES Act) if— such contribution— is paid, during the period beginning on December 28, 2020, and ending on the date which is 60 days after the date of the enactment of this Act, and is made for relief efforts in one or more qualified disaster areas, the taxpayer obtains from such organization contemporaneous written acknowledgment (within the meaning of section 170(f)(8) of such Code) that such contribution was used (or is to be used) for relief efforts described in subparagraph (A)(ii), and the taxpayer has elected the application of this subsection with respect to such contribution. If an individual has a net disaster loss for any taxable year— the amount determined under section 165(h)(2)(A)(ii) of the Internal Revenue Code of 1986 shall be equal to the sum of— such net disaster loss, and so much of the excess referred to in the matter preceding clause
(i)of section 165(h)(2)(A) of such Code (reduced by the amount in clause
(i)of this subparagraph) as exceeds 10 percent of the adjusted gross income of the individual, in the case of qualified disaster-related personal casualty losses, section 165(h)(1) of such Code shall be applied to by substituting $500 for $500 ($100 for taxable years beginning after December 31, 2009) , the standard deduction determined under section 63(c) of such Code shall be increased by the net disaster loss, and section 56(b)(1)(E) of such Code shall not apply to so much of the standard deduction as is attributable to the increase under subparagraph
(C)of this paragraph. For purposes of this subsection, the term net disaster loss means the excess of qualified disaster-related personal casualty losses over personal casualty gains (as defined in section 165(h)(3)(A) of the Internal Revenue Code of 1986). For purposes of this subsection, the term qualified disaster-related personal casualty losses means losses described in section 165(c)(3) of the Internal Revenue Code of 1986 which arise in a qualified disaster area on or after the first day of the incident period of the qualified disaster to which such area relates, and which are attributable to such qualified disaster.