3.0.0 3206 2023-01-11T13:41:49Z 2023-01-11T13:41:49Z Senate S 2018-07-12 115 ssfi00 Finance Committee Senate Standing Referred to 2018-07-12T19:14:44Z 2018-07-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-07-12 Introduced in Senate IntroReferral 10000 9 Library of Congress N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM N Taxation Taxation 00 2018-07-12 Introduced in Senate 2018-11-29T14:43:02Z Toxic Algae Tax Relief Act

This bill amends the Internal Revenue Code to allow a deduction for losses of a trade or business operating in an area affected by toxic algal blooms. A "toxic algal bloom" is the existence of algae on or near the surface of water in quantities sufficient to cause anoxic (greatly deficient in oxygen) conditions in the water.

The deduction applies to a trade or business that is operating in a toxic algae zone and has average annual gross receipts that do not exceed $25 million. "A toxic algae zone" is a census tract or political subdivision of a state that the Department of the Treasury has designated as experiencing economic hardship directly attributable to an act or event that exposes an area to toxic algal blooms.

]]> Toxic Algae Tax Relief Act Display Title Toxic Algae Tax Relief Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief to areas affected by toxic algal blooms. Introduced in Senate IS Short Titles as Introduced Toxic Algae Tax Relief Act Introduced in Senate 2018-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3206is/xml/BILLS-115s3206is.xml 2018-07-12 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.