Congress, in the waning days of its 2005 session, after failing to carry out significant parts of its tax agenda for the year, has managed to pass a Gulf Coast recovery tax act. As is common with the "last stagecoach out of town" for the year, a lot of things managed to "jump on."The hurricane provisions take up 84 pages of bill text, but the legislation goes on for another 100 pages. Among the areas addressed beyond hurricane recovery and relief are a few extensions of expiring provisions, a couple of miscellaneous items, and a huge package of technical corrections covering 10 pieces of tax legislation going back as far as 1987.
The most significant part of that group are the substantive technical corrections related to the American Jobs Creation Act of 2004, of which there are 39 provisions, touching on almost every significant provision of that act, as well as some that were not all that significant, at least to most taxpayers. This legislation is likely to be studied around the country as much for the technical correction provisions as for the hurricane relief and recovery provisions.
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