3.0.0 5699 2023-01-11T13:21:57Z 2023-01-11T13:21:57Z House H HR 2010-07-01 111 hswm00 Ways and Means Committee House Standing Referred to 2010-07-01T14:02:42Z 2010-07-01 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-07-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-07-01 Introduced in House IntroReferral 1000 9 Library of Congress M001144 Rep. Miller, Jeff [R-FL-1] Jeff Miller R FL 1 N B001244 Rep. Bonner, Jo [R-AL-1] Jo Bonner R AL 1 2010-07-01 True B000716 Rep. Boyd, Allen [D-FL-2] ALLEN BOYD D FL JR. 2 2010-07-01 True Taxation Accidents Alabama Business investment and capital Disaster relief and insurance Employee benefits and pensions Financial services and investments Florida Gulf of Mexico Hazardous wastes and toxic substances Housing finance and home ownership Income tax credits Income tax deductions Income tax exclusion Louisiana Low- and moderate-income housing Marine and coastal resources, fisheries Marine pollution Mississippi Oil and gas Public utilities and utility rates Securities Social work, volunteer service, charitable organizations Solid waste and recycling Wages and earnings Taxation 00 2010-07-01 Introduced in House 2010-07-08T19:10:58Z Gulf Oil Spill Recovery Act of 2010 - Amends the Internal Revenue Code to provide tax benefits in the Gulf Oil Spill Recovery Zone. Defines such Recovery Zone to include certain parishes in Louisiana and certain counties in Alabama, Florida, and Mississippi affected by the discharge of oil resulting from the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon (the Gulf Oil Spill).

Provides for: (1) the issuance of tax-exempt Gulf Oil Spill Recovery Zone Bonds through 2015 to finance certain projects in the Recovery Zone; (2) additional low-income housing tax credit amounts in the Recovery Zone; (3) increased depreciation and expensing allowances for investment property placed in service in the Recovery Zone; (4) expensing of costs for the removal of debris from the Recovery Zone, the demolition of structures located in the Recovery Zone, and environmental remediation of contaminated sites in the Recovery Zone; (5) an extended five-year carryover period for net operating losses incurred in the Recovery Zone; (6) a tax credit to holders of Gulf Oil Spill Recovery Tax Credit Bonds; (7) a new markets tax credit for investment in community development entities in the Recovery Zone; and (8) the deductibility of casualty losses incurred by public utilities in the Recovery Zone.

Excludes the value of employer-provided housing from the gross income of employees affected by the Gulf Oil Spill.

Allows tax-free withdrawals up to $100,000 from retirement plans by individuals residing in the Recovery Zone and who sustained an economic loss by reason of the Gulf Oil Spill.

Allows a business-related tax credit for wages paid to employees working in the Recovery Zone.

Suspends through 2012 limitations on the tax deduction for charitable contributions to organizations involved in relief efforts related to the Gulf Oil Spill.

Expands the availability of mortgage revenue bond financing for owner-occupied residences in the Recovery Zone.

Authorizes the Secretary of the Treasury to extend the placed-in-service date for bonus depreciation of property located in the Recovery Zone.

]]> Gulf Oil Spill Recovery Act of 2010 Display Title Gulf Oil Spill Recovery Act of 2010 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide tax benefits for certain areas affected by the discharge of oil by reason of the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, and for other purposes. Introduced in House IH Short Titles as Introduced Gulf Oil Spill Recovery Act of 2010 Introduced in House 2010-07-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5699ih/xml/BILLS-111hr5699ih.xml 2010-07-01 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.