H.R. 4337 · 109th Congress
Gulf Opportunity Zone Public Finance Relief Act of 2005
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 109th Congress ended.
D
JeffersonSponsor6 cosponsors · 1 D, 5 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Nov 16, 2005
- House Passed Nov 16, 2005
Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in Gulf tax credit bonds.
What it does: CRS summary · Passed House without amendment · Nov 16, 2005
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in Gulf tax credit bonds. Defines a"Gulf tax credit bond" as any bond: (1) that is issued by Alabama, Louisiana, or Mississippi after December 31, 2005, and before January 1, 2007; (2) 95 percent of the proceeds of which are used to refinance existing bonds or make loans to localities for such refinancing; and (3) the maturity of which does not exceed two years. Requires states issuing Gulf tax credit bonds to pledge matching amounts equal to the face amount of such bonds.
Limits the amount of eligible Gulf tax credit bonds to $200 billion for Louisiana, $100 billion for Mississippi, and $50 billion for Alabama.
Allows for one additional advance refunding of outstanding bond obligations of Alabama, Louisiana, or Mississippi until December 31, 2010. Limits the amount of bonds eligible for an advance refunding to $4.5 billion for Louisiana, $2.25 billion for Mississippi, and $1.125 billion for Alabama.
Provides for federal guarantees of up to $3 billion of the bonds issued by Alabama, Louisiana, or Mississippi before January 1, 2008, for the purpose of restoring lost revenue and funding infrastructure in areas affected by Hurricane Katrina. Limits such guarantee to 50% of bond principal.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Gulf Opportunity Zone Public Finance Relief Act of 2005
Latest action (Jan 27, 2006): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: House · Introduced: Nov 16, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Nov 16, 2005
- House Passed Nov 16, 2005
No recorded floor vote found.