Gulf Opportunity Zone Act Reflects Nearly 20 Years of Tax Legislation Clean-Up Work, Expands Hurricane Relief to Wilma and Rita Victims

As expected, Congress has extended the tax relief offered to Hurricane Katrina victims to those affected by hurricanes Wilma and Rita as well. In doing so, Congress created a broad range of tax incentives that will help both recovering businesses in the Gulf Coast region as well as new businesses considering moving into the devastated areas. As part of this tax package, Congress also included some clean-up work of its own, making technical corrections on tax legislation going back as far as 1987. CCH’s tax editors have prepared a complete Tax Briefing to help practitioners get up to speed on what they must know about this new legislation before filing 2005 returns.

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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.

Read this article from CCH’s Journal of Taxation of Financial Products.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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