Katrina Emergency Tax Relief Act of 2005
Latest action. Became public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) No: 109-73.
Katrina Emergency Tax Relief Act of 2005 - (Sec. 2) Defines: (1) "Hurricane Katrina disaster area" as an area declared as a major disaster area by the President before September 14, 2005, by reason of Hurricane Katrina; and (2) "core disaster area" as that portion of the Hurricane Katrina disaster area determined by the President to warrant individual or individual and public assistance.
Title I: Special Rules For Use Of Retirement Funds For Relief Relating To Hurricane Katrina - (Sec. 101) Exempts from the 10% penalty for premature retirement plan distributions any qualified Hurricane Katrina distribution, up to $100,000, made on or after August 25, 2005, and before January 1, 2007, to an individual whose principal place of abode on August 28, 2005, was located in the Hurricane Katrina disaster area and who has sustained an economic loss due to Hurricane Katrina. Allows repayment of a qualified Hurricane Katrina distribution to a tax-qualified retirement plan as a rollover if made within three years after an initial distribution. Allows qualified Hurricane Katrina distributions to be spread in income ratably over a three-year period.
(Sec. 102) Allows individuals to make rollover contributions to tax-qualified retirement plans of distributions from such plans received after February 28 and before August 29, 2005, to purchase or construct a principal residence in a Hurricane Katrina disaster area if the residence was not purchased or constructed due to Hurricane Katrina.
(Sec. 103) Increases from $50,000 to $100,000 the limits on loans from tax-qualified retirement plans for Hurricane Katrina victims. Extends the repayment period for such loans.
(Sec. 104) Sets forth rules for the retroactive application of amendments made by this title or by regulation to existing retirement plans or annuity contracts.
Title II: Employment Relief - (Sec. 201) Includes a Hurricane Katrina employee as a member of a targeted group for purposes of the work opportunity tax credit. Defines "Hurricane Katrina employee" as any individual who is reasonably identified as having a principal residence in a core disaster area on August 28, 2005, and who is hired in such area prior to December 31, 2005. Waives the termination date of the work opportunity tax credit for Hurricane Katrina employees.
The summary continues for 15 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on September 23, 2005. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
This bill has been enacted. It is law.
The record's latest action, on September 23, 2005: Became Public Law No: 109-73.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JIM MCCRERY (R-LA) introduced it on September 14, 2005, and 6 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 4 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HousePassed
- SenatePassed
- PresidentSigned into law