S. 3206 · 115th Congress
Toxic Algae Tax Relief Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NelsonSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in Senate · Jul 12, 2018
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Toxic Algae Tax Relief Act
Latest action (Jul 12, 2018): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 12, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.