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S 1506 113th Congress Senate 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 Travel and tourism

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

Introduced: September 17, 2013 Introduced by: Wicker, Roger F. Republican · Mississippi See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 17, 2013
Read twice and referred to the Committee on Finance.
Sep 17, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now September 17, 2013

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1