Page:United States Statutes at Large Volume 83.djvu/737

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[83 STAT. 709]
[83 STAT. 709]
PUBLIC LAW 91-000—MMMM. DD, 1969

83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

709

vide. For purposes of this chapter (and so niuc]i of subtitle F as relates to this chapter) remuneration or other payments with respect to which such agreement is made shall be treated as if they were wages paid by an employer to an employee to the extent that such renumeration is paid or other payments are made during the period for which the agreement is in effect." (h) EFFECTIVE DATES.—

(1) The amendments made by subsections (a), (b), (c), (d), and (e) shall apply with respect to remuneration paid after December;U, 1969. (2) The amendment made by subsection (f) applies to wages paid after April 30, 1970. (3) Subsection (o) of section 3402 of the Internal Revenue Code of 1954, added by subsection (g) of this subsection, shall apply to payments made after December 31, 1970. Subsection (p) of such section 3402, added by subsection (g) of this section, shall apply to payments made after June 30, 1970.

TITLE IX—MISCELLANEOUS PROVISIONS Subtitle A—Miscellaneous Income T a x Provisions SEC. 901. EXCLUSION OF ADDITIONAL LIVING EXPENSES. (a) ExciASioN OF ADDITIONAL LIVING EXPENSES.—Part III of

subchapter B of chapter 1 (relating to items specifically excluded 8Q^|^J^*32" ^^' from gross income) is amended by renumbering section 123 as 124, 26 USC loiand by inserting after section 122 the following new section: 123. 'SEC. 123. AMOUNTS RECEIVED UNDER INSURANCE CONTRACTS FOR CERTAIN LIVING EXPENSES. " (a) GENERAL RULE.—In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his principal residence by governmental authorities because of the occurrence or threat of occurrence of such a casualty, gross income does not include amounts received by such individual under au insurance contract which are paid to compensate or reimburse such individual for living expenses incurred for himself and members of his household resulting from the loss of use or occupancy of such residence. "(b) LIMITATION.—Subsection (a) shall apply to amounts received by the taxpayer for living expenses incurred during any period only to the extent the amounts received do not exceed the amount by which— " (1) the actual living expenses incurred during such period for himself and members of his household resulting from the loss of use or occupancy of their residence, exceed "(2) the normal living expenses Avh'ch would have been incurred for himself and members of his household during such period." (b) CONFORMING AMENDMENT.—The table of sections for such part III is amended b,y striking out the last item and inserting in lieu thereof the following: "Sec. 123. Amounts received under insurance contracts for certain living expenses. "Sec. 124. Cross references to other Acts." (c) EFFECTIVE DATE.—The amendments made by this section shall

apply with respect to amounts received on or after January 1, 1969.