FL H0539

Urges Congress to support tax-relief provisions of H.R. 5699 and S. 3934 from the 111th Congress or similar legislation addressing the April 20, 2010 Deepwater Horizon oil spill disaster.

Requests exemption from federal taxation of insurance payouts and damage payments under the Oil Pollution Act of 1990 that were reinvested in the Oil Spill Recovery Zone.

Proposes allowing taxpayers with qualified oil-spill losses to use the federal 5-year net operating loss carryback and exempting housing stipends paid to cleanup workers from federal taxation.

Seeks Employee Retention Tax Credit for qualified Gulf Coast employers, waiver of tax penalties on early retirement plan withdrawals for spill-related purposes, and relaxed caps on charitable contribution deductions for cleanup efforts.

Directs the Florida Legislature to send copies of this memorial to the President, Congress leadership, and all members of the Florida congressional delegation.