,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aejf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ag1         
#bjac,mr4 ,wick] 7= himself & ,ms4      
,l&rieu7 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to provide tax     
relief = p]sons affect$ by ! dis*>ge (  
oil 9 connection ) ! explosion on1 &    
s9k+ (1 ! mobile (f%ore drill+ unit     
,deepwat] ,horizon4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,gulf ,coa/   
,oil ,recov]y ,zone ,tax ,relief &      
,economic ,recov]y ,act4  #b4 ,recov]y  
zone2 ,gulf oil spill ,= purposes ( ?is 
,act-- 7#a7 ,recov]y zone ,! t]m        
,recov]y ,zone means ! foll[+ c\nties & 
p>i%es affect$ by ! ,gulf oil spill3    
7,a7 ,! c\nties ( ,escambia1 ,santa     
,rosa1 ,okaloosa1 ,walton1 ,bay1 ,gulf1 
,frankl91 & ,wakulla 9 ! ,/ate (        
,florida4  7,b7 ,! c\nties ( ,hancock1  
,h>rison1 & ,jackson 9 ! ,/ate (        
,mississippi4  7,c7 ,! c\nties ( ,mobile
 & ,baldw9 9 ! ,/ate ( ,alabama4  7,d7  

,! p>i%es ( ,orleans1 ,/4 ,tammany1 ,/4 
,b]n>d1 ,plaquem9es1 ,jeff]son1         
,laf\r*e1 ,t]rebonne1 ,/4 ,m>y1 ,ib]ia1 
,v]milion1 & ,cam]on 9 ! ,/ate (        
,l\isiana4  7#b7 ,gulf ,oil ,spill ,!   
t]m ,gulf oil spill means ! dis*>ge (   
oil by reason ( ! explosion on1 & s9k+  
(1 ! mobile (f%ore drill+ unit ,deepwat]
 ,horizon4  #c4 ,non-recognition (      
income f insurance proce$s :i* are      
re9ve/$ 9 ! recov]y zone  7a7 ,9 g5]al  
,= purposes ( ! ,int]nal ,rev5ue ,code (
 #aihf1 am\nts receiv$ f any qualifi$   
,gulf oil spill paym5t %all be recogniz$
 only to ! ext5t t ! am\nt realiz$      
exce$s ! qualifi$ inve/m5ts made by !   
taxpay] ) respect to su* qualifi$ ,gulf 
oil spill paym5t4  7b7 ,qualifi$ ,gulf  
oil spill paym5t ,= purposes ( ?is      
section1 ! t]m qualifi$ ,gulf oil spill 
paym5t means-- 7#a7 any proce$s or      
paym5ts f insurance receiv$ 9 connection
 ) ! ,gulf oil spill1 or  7#b7 any      
paym5t = damages attributable to ! ,gulf
 oil spill "u section #ajjb ( ! ,oil    

,pollution ,act ( #aiij 7#cc ,u4,s4,c4  
#bgjb74  7c7 ,qualifi$ inve/m5t ,=      
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualifi$ inve/m5t means1 )       
respect to any qualifi$ ,gulf oil spill 
paym5t1 ! sum ( ! qualifi$ recov]y zone 
inve/m5ts :i* are made by ! taxpay] be=e
 ! date :i* is #e ye>s aft] ! lat] (--  
7,a7 ! date ( ! qualifi$ ,gulf oil spill
 paym5t1 or  7,b7 ! date ( ! enactm5t ( 
?is ,act4  7#b7 ,qualifi$ recov]y zone  
inve/m5t ,! t]m qualifi$ recov]y zone   
inve/m5t means ! sum (-- 7,a7 am\nts    
paid or incurr$ = tangible prop]ty 7to  
:i* section #afh ( ! ,int]nal ,rev5ue   
,code ( #aihf applies7 acquir$ by       
pur*ase 7)9 ! mean+ ( section           
#agi7;d77#b7 ( su* ,code7 = use 9 !     
active conduct ( a recov]y zone trade or
 bus9ess prop]ty1 plus  7,b7 am\nts paid
 or incurr$ = />t-up exp5ditures 7z     
def9$ 9 section #aie7;c77 9 connection )
 a qualifi$ recov]y zone trade or       
bus9ess4  7#c7 ,qualifi$ recov]y zone   
trade or bus9ess ,! t]m qualifi$ recov]y

 zone trade or bus9ess means-- 7,a7 any 
comm]cial or *>t] fi%+ bus9ess op]at+ 9 
! recov]y zone1 or  7,b7 any hotel1     
lodg+1 recreation1 ent]ta9m5t1 or       
re/aurant bus9ess locat$ 9 ! recov]y    
zone4  7d7 ,r$uction 9 basis ,= purposes
 ( section #ajaf ( ! ,int]nal ,rev5ue   
,code ( #aihf1 ! basis 9 any qualifi$   
inve/m5t %all be r$uc$ 7b n bel[ z]o7 by
 an am\nt equal to ! am\nt t be>s ! same
 ratio to su* basis 7det]m9$ )\t reg>d  
to ?is subsection7 z ! am\nt ( qualifi$ 
,gulf oil spill paym5ts receiv$ by !    
taxpay] be>s to ! am\nt ( qualifi$      
inve/m5ts made by ! taxpay] ) respect to
 su* qualifi$ ,gulf oil spill paym5ts4  
7e7 ,effective date ,?is ,act %all apply
 ) respect to am\nts receiv$ f any      
qualifi$ ,gulf oil spill paym5t &       
qualifi$ inve/m5ts made 9 taxable ye>s  
end+ aft] ,april #bj1 #bjaj4