US Congress Senate Bill 1506 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on September 17 2013 - 25% progression, died in committee
Action: 2013-09-17 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

Sen. Roger Wicker [R-MS]

Sen. Mary Landrieu [D-LA]

Sen. David Vitter [R-LA]

Date	Chamber	Action
2013-09-17	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/1506/all-info
Text	https://www.congress.gov/113/bills/s1506/BILLS-113s1506is.pdf