119 STAT. 2586
PUBLIC LAW 109–135—DEC. 21, 2005
‘‘(I) on August 28, 2005, in the case of qualified timber property any portion of which is located in the Gulf Opportunity Zone, ‘‘(II) on September 23, 2005, in the case of qualified timber property (other than property described in subclause (I)) any portion of which is located in that portion of the Rita GO Zone which is not part of the Gulf Opportunity Zone, or ‘‘(III) on October 23, 2005, in the case of qualified timber property (other than property described in subclause (I) or (II)) any portion of which is located in the Wilma GO Zone, and ‘‘(ii) such taxpayer held not more than 500 acres of qualified timber property on such date. ‘‘(5) DEFINITIONS.—For purposes of this subsection— ‘‘(A) SPECIFIED PORTION.— ‘‘(i) IN GENERAL.—The term ‘specified portion’ means— ‘‘(I) in the case of qualified timber property any portion of which is located in the Gulf Opportunity Zone, that portion of the taxable year which is on or after August 28, 2005, and before the termination date, ‘‘(II) in the case of qualified timber property (other than property described in clause (i)) any portion of which is located in the Rita GO Zone, that portion of the taxable year which is on or after September 23, 2005, and before the termination date, or ‘‘(III) in the case of qualified timber property (other than property described in clause (i) or (ii)) any portion of which is located in the Wilma GO Zone, that portion of the taxable year which is on or after October 23, 2005, and before the termination date. ‘‘(ii) TERMINATION DATE.—The term ‘termination date’ means— ‘‘(I) for purposes of paragraph (1), January 1, 2008, and ‘‘(II) for purposes of paragraph (2), January 1, 2007. ‘‘(B) QUALIFIED TIMBER PROPERTY.—The term ‘qualified timber property’ has the meaning given such term in section 194(c)(1). ‘‘(j) SPECIAL RULE FOR GULF OPPORTUNITY ZONE PUBLIC UTILITY CASUALTY LOSSES.— ‘‘(1) IN GENERAL.—The amount described in section 172(f)(1)(A) for any taxable year shall be increased by the Gulf Opportunity Zone public utility casualty loss for such taxable year. ‘‘(2) GULF OPPORTUNITY ZONE PUBLIC UTILITY CASUALTY LOSS.—For purposes of this subsection, the term ‘Gulf Opportunity Zone public utility casualty loss’ means any casualty loss of public utility property (as defined in section 168(i)(10)) located in the Gulf Opportunity Zone if—
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