Gulf Opportunity Zone Act of 2005

Summary

Gulf Opportunity Zone Act of 2005 - Amends the Internal Revenue Code to create a Gulf Opportunity Zone (GO Zone) as part of the Hurricane Katrina disaster area to provide tax benefits to businesses and individuals affected by Hurricane Katrina, including: (1) tax-exempt bond financing and additional advance refunding of existing bond obligations in the states of Alabama, Louisiana, or Mississippi; (2) increased depreciation and expensing allowances for GO Zone property; (3) expensing of GO Zone demolition and cleanup costs and environmental remediation costs; (4) increased expensing for GO Zone reforestation expenditures; and (5) carrybacks of net operating losses for certain GO Zone businesses and public utilities. Provides for federal guarantees of bonds issued in Alabama, Louisiana, or Mississippi for revenue and infrastructure purposes related to Hurricane Katrina. Establishes a Rita GO Zone as part of the Hurricane Rita disaster area and extends to businesses and individuals in such Zone tax benefits currently available in Hurricane Katrina disaster areas, including: (1) tax-free distributions and loans from retirement plans for disaster relief; (2) suspension of limitations on personal casualty losses; and (3) adjustments to earned income of Hurricane Rita victims in 2005 to preserve eligibility for certain tax benefits. Allows certain small employers a business tax credit for up to 40 percent of the wages paid to employees in a GO Zone between August 29 and December 31, 2005. Expresses the sense of Congress that the Secretary of the Treasury should designate Gulf Coast Recovery Bonds in response to Hurricanes Katrina and Rita.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 27 October 2005

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 October 2005

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 October 2005

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 October 2005 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 October 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 October 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 October 2005

  Open at official source

Sponsors

• Rep. McCrery, Jim [R-LA-4] · R · Sponsor
• Rep. Jefferson, William J. [D-LA-2] · D · Sponsor
• KEVIN BRADY · R · Sponsor
• JOHN LEWIS · D · Sponsor
• Rep. Lewis, Ron [R-KY-2] · R · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Alexander, Rodney [R-LA-5] · R · Sponsor
• Rep. Jindal, Bobby [R-LA-1] · R · Sponsor
• Rep. Melancon, Charlie [D-LA-3] · D · Sponsor
• Rep. Pickering, Charles W. "Chip" [R-MS-3] · R · Sponsor
• Rep. Weller, Jerry [R-IL-11] · R · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• Ted Poe · R · Cosponsor
• Rep. Boustany, Charles W., Jr. [R-LA-3] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Gulf Opportunity Zone Public Finance Relief Act of 2005
• related to ← Gulf Opportunity Zone Act of 2005
• related to ← Tax Relief Act of 2005