PUBLIC LAW 109–135—DEC. 21, 2005
119 STAT. 2593
‘‘(2) QUALIFIED GULF OPPORTUNITY ZONE CASUALTY LOSSES.—For purposes of subsection (k)(2)(B)(i), the term ‘qualified Gulf Opportunity Zone casualty loss’ shall not include any loss with respect to any property described in paragraph (3). ‘‘(3) PROPERTY DESCRIBED.— ‘‘(A) IN GENERAL.—For purposes of this subsection, property is described in this paragraph if such property is— ‘‘(i) any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store the principal business of which is the sale of alcoholic beverages for consumption off premises, or ‘‘(ii) any gambling or animal racing property. ‘‘(B) GAMBLING OR ANIMAL RACING PROPERTY.—For purposes of subparagraph (A)(ii)— ‘‘(i) IN GENERAL.—The term ‘gambling or animal racing property’ means— ‘‘(I) any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and ‘‘(II) the portion of any real property (determined by square footage) which is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. ‘‘(ii) DE MINIMIS PORTION.—Clause (i)(II) shall not apply to any real property if the portion so dedicated is less than 100 square feet.’’. (b) CONFORMING AMENDMENTS.— (1) Paragraph (2) of section 54(c) is amended by inserting ‘‘, section 1400N(l),’’ after ‘‘subpart C’’. (2) Subparagraph (A) of section 6049(d)(8) is amended— (A) by inserting ‘‘or 1400N(l)(6)’’ after ‘‘section 54(g)’’, and (B) by inserting ‘‘or 1400N(l)(2)(D), as the case may be’’ after ‘‘section 54(b)(4)’’. (3) So much of subchapter Y of chapter 1 as precedes section 1400L is amended to read as follows:
26 USC 54.
‘‘Subchapter Y—Short-Term Regional Benefits ‘‘PART I—TAX BENEFITS
FOR
NEW YORK LIBERTY ZONE
‘‘PART II—TAX BENEFITS
FOR
GO ZONES
‘‘PART I—TAX BENEFITS FOR NEW YORK LIBERTY ZONE ‘‘Sec. 1400L. Tax benefits for New York Liberty Zone.’’.
(4) The item relating to subchapter Y in the table of subchapters for chapter 1 is amended to read as follows: (c)
‘‘SUBCHAPTER Y—SHORT-TERM REGIONAL BENEFITS’’. EFFECTIVE DATE.— (1) IN GENERAL.—Except as provided in paragraph
(2), the amendments made by this section shall apply to taxable years ending on or after August 28, 2005.
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26 USC 1400N note.
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