Title III—Permanent Disaster Tax Relief Provisions Sec. 301. Increase property replacement period to 5 years. Sec. 302. Wage credit for specified disaster-damaged businesses. Sec. 303. Disaster-related medical expenses. Sec. 304. Expensing of qualified disaster expenses. Sec. 305. Losses attributable to disasters. Sec. 306. Net operating losses attributable to disasters. Sec. 307. Special rules for use of retirement funds in connection with federally declared disasters. Sec. 308. Additional exemption for housing qualified disaster displaced individuals. Sec. 309. Exclusions of certain cancellations of indebtedness by reason of disasters. Sec. 310. Special rule for determining earned income of individuals affected by federally declared disasters. Sec. 311. Qualified disaster area recovery bonds. Sec. 312. Additional low-income housing credit allocations. I Tax relief relating to disasters in 2012, 2013, 2014, and 2015 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, the term qualified disaster expense means any expenditure— (1) which is paid or incurred in connection with a trade or business or with business-related property, (2) which is— (A) for the abatement or control of hazardous substances that were released on account of a federally declared disaster occurring during the period beginning— (i) after December 31, 2007, and before January 1, 2010, or (ii) after December 31, 2011, and before January 1, 2016, (B) for the removal of debris from, or the demolition of