; table of contents. TITLE I—Tax relief relating to disasters Sec. 101. Expensing of qualified disaster expenses. Sec. 102. Net operating losses attributable to disasters. Sec. 103. Increase in new markets tax credit for investments in community development entities serving disaster areas. Sec. 104. Exclusions of certain cancellations of indebtedness by reason of disasters. Sec. 105. Advanced refundings of certain tax-exempt bonds. Sec. 106. Additional low-income housing credit allocations. TITLE II—Permanent disaster tax relief provisions Sec. 201. Exclusion for disaster mitigation payments received from State and local governments. Sec. 202. Catastrophe Savings Accounts. TITLE III—Other permanent tax provisions Sec. 301. Repeal of limitation on cover over of distilled spirits taxes to Virgin Islands and Puerto Rico. Sec. 302. Deduction for income attributable to domestic production activities in Puerto Rico made permanent. Sec. 303. Refundable child tax credit parity for residents of Puerto Rico, American Samoa, Guam, the Northern Mariana Islands, and the Virgin Islands. TITLE IV—Treatment of certain possessions Sec. 401. Treatment of possessions. I Tax relief relating to disasters 101. Expensing of qualified disaster expenses (a) In general Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 198 the following: 198A. Expensing of qualified disaster expenses (a) In general A taxpayer may elect to treat any qualified disaster expenses which are paid or incurred by the taxpayer as an expense which is not chargeable to capital account. Any expense which is so treated shall be allowed as a deduction for the taxable year in which it is paid or incurred. (b) Qualified disaster expense For purposes of this section— (1) In general The term qualified disaster expense means any expenditure— (A) which is paid or incurred in connection with a trade or business or with business-related property, (B) which is— (i) for the abatement or control of hazardous substances