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HR 3987 109th Congress House

Katrina Economic Opportunity Act

Official title: To amend the Internal Revenue Code of 1986 to provide tax incentives for Hurricane Katrina recovery in the Gulf Opportunity Zone.

Introduced: November 3, 2005 See on congress.gov
Taxation AlabamaCapital gains taxCommerceDepreciation and amortization
More subjectsShow fewer subjects
Depressed areasEconomics and Public FinanceEmergency ManagementFinance and Financial SectorFloodsHurricane aftermath legislationHurricanesIncome taxInvestmentsLouisianaMississippiPartnershipsSmall businessStocksTax creditsTax deductionsTax exclusionTax ratesWater Resources Development
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 6, 2005
Referred to the House Committee on Ways and Means.
Oct 6, 2005
Introduced in House
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 Latest action October 6, 2005

Referred to the House Committee on Ways and Means.

 Plain-English summary Congressional Research Service

Katrina Economic Opportunity Act - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale or exchange of a Gulf Opportunity Zone asset (business stock, partnership interest, or property in a Hurricane Katrina disaster area) held for more than five years; (2) waive small business asset expensing limits for Gulf Opportunity Zone assets; and (3) qualify Gulf Opportunity Zone investments for the new markets tax credit.

 Related & companion bills 1
  • HR 4035 Related bill Economic Relief for Gulf Coast Families and Businesses Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 1
R
Sessions, Pete
Texas · Nov 3, 2005
TIAHRT, TODD
· Oct 7, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3987: Katrina Economic Opportunity Act. 109th Congress. Open America. https://openamerica.io/bill/109-HR-3987/
MLA
"H.R. 3987: Katrina Economic Opportunity Act." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-3987/.
Bluebook (legal)
H.R. 3987, 109th Cong. (2026), https://openamerica.io/bill/109-HR-3987/.
Markdown link
[H.R. 3987: Katrina Economic Opportunity Act](https://openamerica.io/bill/109-HR-3987/)
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