PUBLIC LAW 109–135—DEC. 21, 2005
119 STAT. 2595
‘‘(c) QUALIFIED EMPLOYEE.—For purposes of this section, the term ‘qualified employee’ means, with respect to any month, an individual— ‘‘(1) who had a principal residence (as defined in section 121) in the Gulf Opportunity Zone on August 28, 2005, and ‘‘(2) who performs substantially all employment services— ‘‘(A) in the Gulf Opportunity Zone, and ‘‘(B) for the qualified employer which furnishes lodging to such individual. ‘‘(d) QUALIFIED EMPLOYER.—For purposes of this section, the term ‘qualified employer’ means any employer with a trade or business located in the Gulf Opportunity Zone. ‘‘(e) CERTAIN RULES TO APPLY.—For purposes of this subsection, rules similar to the rules of sections 51(i)(1) and 52 shall apply. ‘‘(f) APPLICATION OF SECTION.—This section shall apply to lodging furnished during the period— ‘‘(1) beginning on the first day of the first month beginning after the date of the enactment of this section, and ‘‘(2) ending on the date which is 6 months after the first day described in paragraph (1).’’. (b) CONFORMING AMENDMENTS.— (1) Subsection (b) of section 38 is amended by striking ‘‘and’’ at the end of paragraph (25), by striking the period at the end of paragraph (26) and inserting ‘‘, and’’, and by adding at the end the following new paragraph: ‘‘(27) the Hurricane Katrina housing credit determined under section 1400P(b).’’. (2) Section 280C(a) is amended by striking ‘‘and 1396(a)’’ and inserting ‘‘1396(a), and 1400P(b)’’. (3) The table of sections for part II of subchapter Y of chapter 1 is amended by adding at the end the following new item:
26 USC 38.
‘‘Sec. 1400P. Housing tax benefits.’’. SEC. 104. EXTENSION OF SPECIAL RULES FOR MORTGAGE REVENUE BONDS.
Section 404(d) of the Katrina Emergency Tax Relief Act of 2005 is amended by striking ‘‘December 31, 2007’’ and inserting ‘‘December 31, 2010’’.
Ante, p. 2027.
SEC. 105. SPECIAL EXTENSION OF BONUS DEPRECIATION PLACED IN SERVICE DATE FOR TAXPAYERS AFFECTED BY HURRICANES KATRINA, RITA, AND WILMA.
In applying the rule under section 168(k)(2)(A)(iv) of the Internal Revenue Code of 1986 to any property described in subparagraph (B) or (C) of section 168(k)(2) of such Code— (1) the placement in service of which— (A) is to be located in the GO Zone (as defined in section 1400M(1) of such Code), the Rita GO Zone (as defined in section 1400M(3) of such Code), or the Wilma GO Zone (as defined in section 1400M(5) of such Code), and (B) is to be made by any taxpayer affected by Hurricane Katrina, Rita, or Wilma, or (2) which is manufactured in such Zone by any person affected by Hurricane Katrina, Rita, or Wilma,
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