	Introduction

The Gulf Opportunity Zone Act of 2005 ( H.R. 4440 ) provides tax relief to businesses and individuals affected by Hurricanes Katrina, Rita, and Wilma. President Bush signed the bill into law, P.L. 109-135 , on December 22, 2005. The act's provisions distinguish between the "Hurricane Katrina disaster area," which is the presidentially-declared disaster area, and the "Gulf Opportunity Zone" (GO Zone), which is the portion of the Hurricane Katrina disaster area determined by President Bush to warrant individual or individual and public assistance under the Stafford Act. The act extends this relief to victims of Hurricanes Rita and Wilma.
The Gulf Opportunity Zone Act of 2005 (H.R. 4440) was signed into law on December 22, 2005 (P.L. 109-135). The act provides tax benefits to assist in the recovery from Hurricanes Katrina, Rita, and Wilma. Some of its provisions expand several sections of the Katrina Emergency Tax Relief Act (KETRA, P.L. 109-73) to apply to victims of Hurricanes Rita and Wilma. This report summarizes the act's provisions dealing with hurricane relief.
For more information on P.L. 109-73, see CRS Report RS22269, Katrina Emergency Tax Relief Act of 2005, by [author name scrubbed].