S.1506: Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about taxation
You can read the bill
Sponsor Roger Wicker, R-Miss.
Total Cosponsors 2 (1 Democrat, 1 Republican)
Introduced Sept. 17, 2013
Latest Major Action Sept. 17, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act - Allows non-recognition, for income tax purposes, of proceeds or payments from insurance received in connection with the Gulf oil spill or any payment for damages attributable to the oil spill under the Oil Pollution Act of 1990 that are invested in a qualified recovery zone trade or business within five years after the later of an oil spill payment or the enactment of this Act. Defines: (1) "Gulf oil spill' as the discharge of oil by reason of the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon; (2) "recovery zone" as certain counties in Florida, Mississippi, and Alabama and specified parishes in Louisiana that were affected by the oil spill; and (3) "qualified recovery zone trade or business" as any commercial or charter fishing business or any hotel, lodging, recreation, entertainment operating in, or restaurant business located in, the recovery zone.

(Source: Congressional Research Service)

Bill Actions

Date Description
Sept. 17, 2013 Read twice and referred to the Committee on Finance.