Gulf Opportunity Zone Public Finance Relief Act of 2005

Bill: 109-hr-4337
Sponsor: Rep. Jefferson, William J. [D-LA-2]
Introduced: 2005-11-16 in the House
Policy area: Taxation
Subjects: Alabama
Bonds
Economics and Public Finance
Emergency Management
Federally-guaranteed loans
Finance and Financial Sector
Floods
Government Operations and Politics
Hurricane aftermath legislation
Hurricanes
Income tax
Infrastructure
Infrastructure (Economics)
Louisiana
Mississippi
State finance
Tax credits
Tax-exempt securities

Summary:
action_date: 2005-11-16
text: 
Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to: (1) allow a tax credit for investment in Gulf tax credit bonds issued to assist the states of Louisiana, Mississippi, and Alabama, and their political subdivisions in refinancing certain existing bond obligations; (2) allow an additional advance refunding of outstanding bond obligations for such states; and (3) provide for limited federal guarantees of bonds in such states issued to restore lost revenues due to Hurricane Katrina and to fund local infrastructure.

action_date: 2005-11-16
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
Gulf Opportunity Zone Public Finance Relief Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in Gulf tax credit bonds. Defines a&quot;Gulf tax credit bond&quot; as any bond: (1) that is issued by Alabama, Louisiana, or Mississippi after December 31, 2005, and before January 1, 2007; (2) 95 percent of the proceeds of which are used to refinance existing bonds or make loans to localities for such refinancing; and (3) the maturity of which does not exceed two years. Requires states issuing Gulf tax credit bonds to pledge matching amounts equal to the face amount of such bonds. 
 
Limits the amount of eligible Gulf tax credit bonds to $200 billion for Louisiana, $100 billion for Mississippi, and $50 billion for Alabama.
 
Allows for one additional advance refunding of outstanding bond obligations of Alabama, Louisiana, or Mississippi until December 31, 2010. Limits the amount of bonds eligible for an advance refunding to $4.5 billion for Louisiana, $2.25 billion for Mississippi, and $1.125 billion for Alabama.
 
Provides for federal guarantees of up to $3 billion of the bonds issued by Alabama, Louisiana, or Mississippi before January 1, 2008, for the purpose of restoring lost revenue and funding infrastructure in areas affected by Hurricane Katrina. Limits such guarantee to 50% of bond principal.


Legislative actions:
action_date: 2006-01-27
text: Read twice and referred to the Committee on Finance.
action_date: 2005-11-17
text: Received in the Senate.
action_date: 2005-11-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-11-16
text: On passage Passed without objection. (text: CR H10363-10365)
action_date: 2005-11-16
text: Passed/agreed to in House: On passage Passed without objection.(text: CR H10363-10365)
action_date: 2005-11-16
text: RESERVATION OF OBJECTION - Mr. Jefferson reserved the right to object in order to allow discussion of the measure. Subsequently, the reservation was removed.
action_date: 2005-11-16
text: Considered by unanimous consent. (consideration: CR H10363-10365)
action_date: 2005-11-16
text: Mr. McCrery asked unanimous consent to discharge from committee and consider.
action_date: 2005-11-16
text: Committee on Ways and Means discharged.
action_date: 2005-11-16
text: Committee on Ways and Means discharged.
action_date: 2005-11-16
text: Referred to the House Committee on Ways and Means.
action_date: 2005-11-16
text: Introduced in House
action_date: 2005-11-16
text: Introduced in House