Congress Clears Katrina Tax Package
by Guest Blogger, 12/19/2005
On Friday, the House and Senate approved by unanimous consent a package of tax breaks (H.R. 4440) that are meant to help individuals and businesses in the Gulf Coast region. The Senate accepted the House's decision to exclude casino's and liquor stores from the tax measure, which provides a bonus depreciation deduction for property in the Gulf, as well as a carryback of net operating losses. Thte Joint Committee on Taxation scored the cost of the bill at about $7.8 billion over five years.
