Gulf Opportunity Zone Act of 2005

3.0.0 4337 2023-01-13T04:49:40Z 2023-01-13T04:49:40Z House H HR 2005-11-16 109 ssfi00 Finance Committee Senate Standing Referred to 2006-01-27T18:49:28Z hswm00 Ways and Means Committee House Standing Discharged from 2005-11-16T23:20:16Z Referred to 2005-11-16T23:20:08Z Gulf Opportunity Zone Act of 2005 109 4155 HR 2005-10-27 Referred to the House Committee on Ways and Means. Related bill CRS Gulf Opportunity Zone Act of 2005 109 4440 HR 2005-12-22 Became Public Law No: 109-135. Related bill CRS 2006-01-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-11-17 Senate Received in the Senate. IntroReferral 2005-11-16 18:22:15 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2005-11-16 18:22:14 On passage Passed without objection. (text: CR H10363-10365) Floor H37100 2 House floor actions 2005-11-16 18:22:14 Passed/agreed to in House: On passage Passed without objection.(text: CR H10363-10365) Floor 8000 9 Library of Congress 2005-11-16 18:21:04 RESERVATION OF OBJECTION - Mr. Jefferson reserved the right to object in order to allow discussion of the measure. Subsequently, the reservation was removed. Floor H8D000 2 House floor actions 2005-11-16 18:21:04 Considered by unanimous consent. (consideration: CR H10363-10365) Floor H30000 2 House floor actions 2005-11-16 18:20:20 Mr. McCrery asked unanimous consent to discharge from committee and consider. Floor H30200 2 House floor actions 2005-11-16 Committee on Ways and Means discharged. Discharge H12300 2 House floor actions hswm00 Ways and Means Committee 2005-11-16 Committee on Ways and Means discharged. Committee 5500 9 Library of Congress hswm00 Ways and Means Committee 2005-11-16 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-11-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-11-16 Introduced in House IntroReferral 1000 9 Library of Congress J000070 Rep. Jefferson, William J. [D-LA-2] WILLIAM JEFFERSON D LA J. 2 N M000388 Rep. McCrery, Jim [R-LA-4] JIM MCCRERY R LA 4 2005-11-16 True B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 2005-11-16 True A000361 Rep. Alexander, Rodney [R-LA-5] Rodney Alexander R LA 5 2005-11-16 True M001161 Rep. Melancon, Charlie [D-LA-3] Charlie Melancon D LA 3 2005-11-16 True J000287 Rep. Jindal, Bobby [R-LA-1] Bobby Jindal R LA 1 2005-11-16 True B001255 Rep. Boustany, Charles W., Jr. [R-LA-7] Charles Boustany R LA W. 7 2005-11-16 True 2005-12-08T06:00:00Z H.R. 4337, Gulf Opportunity Zone Public Finance Relief Act of 2005 http://www.cbo.gov/publication/17553 <p>Cost estimate for the bill as passed by the House of Representatives on November 16, 2005</p> 2005-12-08T06:00:00Z H.R. 4337, Gulf Opportunity Zone Public Finance Relief Act of 2005 https://www.cbo.gov/publication/17553 Cost estimate for the bill as passed by the House of Representatives on November 16, 2005 H.R.4440 https://www.congress.gov/bill/109th-congress/house-bill/4440 Taxation Alabama Bonds Economics and Public Finance Emergency Management Federally-guaranteed loans Finance and Financial Sector Floods Government Operations and Politics Hurricane aftermath legislation Hurricanes Income tax Infrastructure Infrastructure (Economics) Louisiana Mississippi State finance Tax credits Tax-exempt securities Taxation

00 2005-11-16 Introduced in House 2005-12-01T16:34:43Z Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to: (1) allow a tax credit for investment in Gulf tax credit bonds issued to assist the states of Louisiana, Mississippi, and Alabama, and their political subdivisions in refinancing certain existing bond obligations; (2) allow an additional advance refunding of outstanding bond obligations for such states; and (3) provide for limited federal guarantees of bonds in such states issued to restore lost revenues due to Hurricane Katrina and to fund local infrastructure.

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81 2005-11-16 Passed House without amendment 2005-12-02T19:33:13Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in Gulf tax credit bonds. Defines a"Gulf tax credit bond" as any bond: (1) that is issued by Alabama, Louisiana, or Mississippi after December 31, 2005, and before January 1, 2007; (2) 95 percent of the proceeds of which are used to refinance existing bonds or make loans to localities for such refinancing; and (3) the maturity of which does not exceed two years. Requires states issuing Gulf tax credit bonds to pledge matching amounts equal to the face amount of such bonds.

Limits the amount of eligible Gulf tax credit bonds to $200 billion for Louisiana, $100 billion for Mississippi, and $50 billion for Alabama.

Allows for one additional advance refunding of outstanding bond obligations of Alabama, Louisiana, or Mississippi until December 31, 2010. Limits the amount of bonds eligible for an advance refunding to $4.5 billion for Louisiana, $2.25 billion for Mississippi, and $1.125 billion for Alabama.

Provides for federal guarantees of up to $3 billion of the bonds issued by Alabama, Louisiana, or Mississippi before January 1, 2008, for the purpose of restoring lost revenue and funding infrastructure in areas affected by Hurricane Katrina. Limits such guarantee to 50% of bond principal.

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Gulf Opportunity Zone Public Finance Relief Act of 2005 Display Title Gulf Opportunity Zone Public Finance Relief Act of 2005 Short Titles as Introduced Gulf Opportunity Zone Public Finance Relief Act of 2005 Short Titles as Passed House Gulf Opportunity Zone Public Finance Relief Act of 2005 H House Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for Gulf tax credit bonds and advance refundings of certain tax-exempt bonds, and to provide a Federal guarantee of certain State bonds. Referred in Senate 2006-01-27T05:00:00Z Engrossed in House 2005-11-16T05:00:00Z Considered and Passed House 2005-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr4337cph/xml/BILLS-109hr4337cph.xml 2006-01-27 Read twice and referred to the Committee on Finance. 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.