Gulf Opportunity Zone Act of 2005
Latest action · Oct 27, 2005 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 27, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 13
Members who signed on, in the order they did. Signatures ran from Oct 27, 2005 to Nov 7, 2005, with 9 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-LA | Bobby Jindal | Original | Oct 27, 2005 |
| R-MS | Charles W. "Chip" Pickering | Original | Oct 27, 2005 |
| D-LA | Charlie Melancon | Original | Oct 27, 2005 |
| D-GA | John Lewis | Original | Oct 27, 2005 |
| R-TX | Kevin Brady | Original | Oct 27, 2005 |
| R-LA | Richard H. Baker | Original | Oct 27, 2005 |
| D-LA | Rodney Alexander | Original | Oct 27, 2005 |
| R-KY | Ron Lewis | Original | Oct 27, 2005 |
| D-LA | William J. Jefferson | Original | Oct 27, 2005 |
| R-IL | Jerry Weller | Oct 28, 2005 | |
| R-PA | Phil English | Oct 28, 2005 | |
| R-TX | Ted Poe | Nov 1, 2005 | |
| R-LA | Charles W. Boustany, Jr. | Nov 7, 2005 |
Actions 2
Everything that happened, newest first.
- Oct 27, 2005Introduced in House
- Oct 27, 2005Referred to the House Committee on Ways and Means.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2020 | Tax Relief Act of 2005 | Related bill | Nov 18, 2005 |
| HR 4337 | Gulf Opportunity Zone Public Finance Relief Act of 2005 | Related bill | Jan 27, 2006 |
| HR 4440 | Gulf Opportunity Zone Act of 2005 | Related bill | Dec 22, 2005 |
Subjects
Assigned by the Library of Congress. Policy area: 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
- Taxation
- Texas
- Transportation and Public Works
- Travel costs
- Wages
- Water pollution control
Text 1
Each version as it was printed, newest first.
- Oct 27, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.