Hurricane Tax Relief Extended to Rita and Wilma Victims

The Gulf Opportunity Zone Act of 2005 (HR 4440, PL 109-135), has been signed into law by President Bush. The law extends the same tax relief made available to Hurricane Katrina victims to individuals and businesses who suffered losses from Hurricanes Wilma and Rita. Among the provisions, hurricane victims can deduct 100% of their casualty losses. The Gulf Opportunity Zone Act also provides incentives for reconstruction efforts. Highlights of the Gulf Opportunity Zone Act are available in this CCH Tax Briefing (PDF file, 9 pages). (This report should be required reading for every tax preparer!)

Essential Information:

• Hurricane Tax Relief
• Summary of HR 4440 from Library of Congress
• Summary of HR 4440 from RIA Tax Watch
President Signs HR 4440, the Gulf Opportunity Zone Act of 2005