House Katrina/Rita Incentives Bill Introduced

Congressman Jim McCrery announced that he brought forward the Gulf Opportunity Act of 2005. His estimate of cost for this bill, which primarily provides incentives for businesses to reinvest in the Central Gulf States, was about $7.2 billion. He also expected that the Senate would pass similar but not identical legislation.

In two other pieces of news, the Democratic push for an excess profit tax has found support from a high-profile Republican, Senate Budget Chair Judd Gregg (NH). In a separate story, (http://www.webcpa.com/article.cfm?articleid=16046), the Internal Revenue Service announced that taxpayers affected by Wilma would be allowed extra time to file returns.