3.0.0 4155 2023-01-13T04:49:52Z 2023-01-13T04:49:52Z House H HR 2005-10-27 109 hswm00 Ways and Means Committee House Standing Referred to 2005-10-27T14:01:05Z Gulf Opportunity Zone Public Finance Relief Act of 2005 109 4337 HR 2006-01-27 Read twice and referred to the Committee on Finance. Related bill CRS Gulf Opportunity Zone Act of 2005 109 4440 HR 2005-12-22 Became Public Law No: 109-135. Related bill CRS Tax Relief Act of 2005 109 2020 S 2005-11-18 Passed Senate with an amendment by Yea-Nay Vote. 64 - 33. Record Vote Number: 347. Related bill CRS 2005-10-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-10-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-10-27 Introduced in House IntroReferral 1000 9 Library of Congress M000388 Rep. McCrery, Jim [R-LA-4] JIM MCCRERY R LA 4 N J000070 Rep. Jefferson, William J. [D-LA-2] WILLIAM JEFFERSON D LA J. 2 2005-10-27 True B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 2005-10-27 True L000287 Rep. Lewis, John [D-GA-5] JOHN LEWIS D GA 5 2005-10-27 True L000293 Rep. Lewis, Ron [R-KY-2] RON LEWIS R KY 2 2005-10-27 True B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 2005-10-27 True A000361 Rep. Alexander, Rodney [R-LA-5] Rodney Alexander R LA 5 2005-10-27 True J000287 Rep. Jindal, Bobby [R-LA-1] Bobby Jindal R LA 1 2005-10-27 True M001161 Rep. Melancon, Charlie [D-LA-3] Charlie Melancon D LA 3 2005-10-27 True P000323 Rep. Pickering, Charles W. "Chip" [R-MS-3] CHARLES PICKERING R MS W. 3 2005-10-27 True W000273 Rep. Weller, Jerry [R-IL-11] GERALD WELLER R IL C. 11 2005-10-28 False E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2005-10-28 False P000592 Rep. Poe, Ted [R-TX-2] Ted Poe R TX 2 2005-11-01 False B001255 Rep. Boustany, Charles W., Jr. [R-LA-7] Charles Boustany R LA W. 7 2005-11-07 False H.R.4440 https://www.congress.gov/bill/109th-congress/house-bill/4440 Taxation Accounting Alabama Annuities Building construction Charitable contributions Civil service retirement Commerce Corporation taxes Crime and Law Enforcement Criminal investigation Depreciation and amortization Disaster relief Disasters Displaced persons Earned income tax credit Economics and Public Finance Emergency Management Energy Environmental Protection Families Federal employees Federal law enforcement officers Federally-guaranteed loans Finance and Financial Sector Floods Florida Government Operations and Politics Government securities Hazardous wastes Home ownership Housing and Community Development Housing finance Hurricane aftermath legislation Hurricanes Income tax Individual retirement accounts Infrastructure Infrastructure (Economics) Investment tax credit Labor and Employment Law Liability for environmental damages Loans Losses Louisiana Low-income housing Lumber trade Maintenance and repair Minimum tax Mississippi Mortgages Oil pollution Pension funds Prosecution Public Lands and Natural Resources Public prosecutors Public utilities Reforestation Refuse and refuse disposal Relocation Rental housing Residential rehabilitation Small business Social Welfare Tax administration Tax credits Tax deductions Tax exclusion Tax penalties Tax refunds Tax returns Tax-deferred compensation plans Tax-exempt securities Texas Transportation and Public Works Travel costs Wages Water pollution control Taxation 00 2005-10-27 Introduced in House 2005-11-04T16:55:28Z 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.

]]> Gulf Opportunity Zone Act of 2005 Display Title Gulf Opportunity Zone Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide tax benefits for the Gulf Opportunity Zone and certain areas affected by Hurricane Rita, and for other purposes. Introduced in House IH Short Titles as Introduced Gulf Opportunity Zone Act of 2005 Introduced in House 2005-10-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr4155ih/xml/BILLS-109hr4155ih.xml 2005-10-27 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.