Publication 1460
From TaxAlmanac
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Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma
Overview
Seeking to provide immediate relief to the damage caused by Hurricane Katrina, Congress passed the Katrina Emergency Tax Relief Act of 2005 (KETRA) on September 23, 2005. This legislation contained tax relief provisions specific to the Hurricane Katrina disaster, which amounted to $6 billion in temporary tax breaks. Shortly after enactment of KETRA, Hurricane Rita hit Southwest Louisiana and Eastern Texas and was followed by Hurricane Wilma, striking the state of Florida. In reaction to the widespread hurricane devastation of the Gulf Coast region, Congress passed the Gulf Opportunity Zone Act of 2005 (GOZA) in December 2005. GOZA created tax incentives valued at almost $9 billion targeting rebuilding of the Gulf Coast. In addition to KETRA and GOZA, the Internal Revenue Service (IRS) provided relief to taxpayers impacted by Hurricanes Katrina, Rita, and Wilma. Listings of the counties and parishes eligible for individual and public assistance are available in IRS Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita and Wilma.
Publication 1460 is a four-page brochure of the highlights of the related tax relief.
