To amend the Internal Revenue Code of 1986 to provide tax incentives for Hurricane Katrina recovery in the Gulf Opportunity Zone.
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.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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