H.R. 4035 · 109th Congress

Economic Relief for Gulf Coast Families and Businesses Act

Stage
In committee
Introduced
2005-10-07
Latest action
2005-10-07 · Introduced in House

Summary

Economic Relief for Gulf Coast Families and Businesses Act - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale or exchange of Hurricane Katrina Zone assets held for more than five years; and (2) allow reduced estate tax rates for Hurricane Katrina victims. Includes as such assets: (1) Katrina Zone business stock or principal interests issued after August 28, 2005, and acquired by the taxpayer before January 1, 2007; and (2) Katrina Zone business property acquired between such dates, provided its original use in the Zone commences with the taxpayer.