Hurricane Tax Relief: H.R. 4440 and S. 2020

Publication Date: December 2005

Publisher: Library of Congress. Congressional Research Service

Author(s):

Research Area: Banking and finance

Type:

Abstract:

H.R. 4440, the Gulf Opportunity Zone Act of 2005, and S. 2020, the Tax Relief Act of 2005, contain tax benefits to assist in the recovery from Hurricanes Katrina, Rita, and Wilma. The bills provide similar relief and both expand several provisions in the Katrina Emergency Tax Relief Act (KETRA, P.L. 109-73)1 to apply to victims of Hurricanes Rita and Wilma. The House has not yet acted on H.R. 4440. The Senate passed S. 2020 by a vote of 64 to 33 on November 18, 2005. This report summarizes the bills' provisions dealing with hurricane relief and will be updated as events warrant.