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FL S0214
M
AI Summary
- Urges Congress to support tax-relief provisions in H.R. 5699 and S. 3934 (or similar legislation) related to the April 20, 2010 Deepwater Horizon oil spill in the Gulf of Mexico
- Requests exemption from federal taxation for insurance payouts and Oil Pollution Act damages that are reinvested in the Oil Spill Recovery Zone
- Proposes allowing taxpayers with qualified oil-spill losses to use the 5-year net operating loss carryback for federal tax purposes
- Requests tax credits and exemptions for employers and employees involved in cleanup efforts, including housing stipend exemptions and Employee Retention Tax Credits
- Proposes waiving early withdrawal penalties on retirement plan distributions used for oil spill recovery, relaxing charitable contribution deductions, and offering Work Opportunity Tax Credits for hiring recovery zone employees
Legislative Description
Deepwater Horizon Oil Spill/Tax Relief
Last Action
Indefinitely postponed and withdrawn from consideration
5/7/2011
Committee Referrals
Budget1/28/2011
Transportation, Tourism, And Economic Development Appropriations Subcommittee1/19/2011
Budget1/18/2011
Community Affairs1/4/2011
Full Bill Text
No bill text available