Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act
Latest action · Sep 17, 2013 Read twice and referred to the Committee on Finance.
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.
- IntroducedSep 17, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act - Allows non-recognition, for income tax purposes, of proceeds or payments from insurance received in connection with the Gulf oil spill or any payment for damages attributable to the oil spill under the Oil Pollution Act of 1990 that are invested in a qualified recovery zone trade or business within five years after the later of an oil spill payment or the enactment of this Act. Defines: (1) "Gulf oil spill' as the discharge of oil by reason of the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon; (2) "recovery zone" as certain counties in Florida, Mississippi, and Alabama and specified parishes in Louisiana that were affected by the oil spill; and (3) "qualified recovery zone trade or business" as any commercial or charter fishing business or any hotel, lodging, recreation, entertainment operating in, or restaurant business located in, the recovery zone.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Sep 17, 2013 to Mar 12, 2014, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-LA | Mary L. Landrieu | Original | Sep 17, 2013 |
| R-LA | David Vitter | Mar 12, 2014 |
Actions 2
Everything that happened, newest first.
- Sep 17, 2013Introduced in Senate
- Sep 17, 2013Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Alabama
- Business investment and capital
- Civil actions and liability
- Florida
- Food industry and services
- Gulf of Mexico
- Hunting and fishing
- Income tax exclusion
- Life, casualty, property insurance
- Louisiana
- Marine and coastal resources, fisheries
- Marine pollution
- Mississippi
- Oil and gas
- Pollution liability
- Taxation
- Travel and tourism
Text 1
Each version as it was printed, newest first.
- Sep 17, 2013Introduced in Senate
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.