No hurricane tax relief to businesses like casinos, liquor stores, and massage parlors in the Gulf Coast region (no expanded tax credits for low-income housing and the rehabilitation of historic buildings, can not write off an additional 50% of the cost of new property investments made in the Gulf Coast business zone and no Small businesses special investment incentives, double those available currently).
http://www.usatoday.com/news/washington/2005-12-07-katrina-taxes_x.htmHouse set to push through unfinished tax agenda
WASHINGTON (AP) — House lawmakers prepared to tackle a pile of unfinished tax work, starting with long-promised incentives to draw businesses and jobs back into Gulf Coast communities ravaged by hurricanes.
House Republicans decided Tuesday not to extend tax incentives aimed at rebuilding commerce in Louisiana, Mississippi and Alabama to casinos, massage parlors, liquor stores and some other recreational businesses.
House tax-writers also rushed to buffer the growing reach of the alternative minimum tax, which threatens to hit 19 million taxpayers next year if not held back. <snip>
Some of the docket extends tax provisions due to expire at the end of the year, such as rules that let soldiers count their combat pay toward calculating the earned income tax credit, a benefit for low-wage earners designed to keep working families out of poverty. <snip>