S. 3934: Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

111th Congress · introduced 2010-09-29 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2010-09-29 · official record
Who proposed it: Sen. Wicker, Roger F. [R-MS] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

Plain summary

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act - Allows non-recognition, for income tax purposes, of proceeds or payments from insurance received in connection with the Gulf oil spill or any payment for damages attributable to the oil spill under the Oil Pollution Act of 1990 that are invested within six months after receipt in a trade or business located in the recovery zone. Defines: (1) "Gulf oil spill' as the discharge of oil by reason of the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon; and (2) "recovery zone" as certain counties in Florida, Mississippi, and Alabama and specified parishes in Louisiana that were affected by the oil spill. Allows: (1) a carryback for a five-year period of net operating losses incurred by a recovery zone trade or business; (2) penalty-free distributions, up to $100,000, from a tax-exempt retirement plan made on or after April 20, 2010, and before January 1, 2012, to residents in the recovery zone and recognition in income of such distributions ratably over a three-year period; (3) an increased (from $50,000 to $100,000) tax exemption for loans from qualified employer plans to certain individuals residing in the recovery zone; (4) a work opportunity tax credit for hiring an employee who resides in and is hired for a position in the recovery zone; (5) a special depreciation allowance for property used by a business in the recovery zone which is acquired on or after April 20, 2010; (6) accelerated depreciation (15-year recovery period) for qualified leasehold, restaurant, and retail improvement property placed in service in the recovery zone after April 20, 2010, and before January 1, 2013; (7) tax-exempt bond financing of property in the recovery zone and advance refundings of bonds issued by a recovery zone state; and (8) an exemption from rules for the allocation of the interest expense of financial institutions for exempt recovery zone bonds and advance refunding bonds issued by a recovery zone state.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Gulf Coast Oil Recovery Zone Tax Relief and Economic Recovery Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Wicker, Roger F. [R-MS] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Sponsor's campaign money: Sen. Wicker, Roger F. [R-MS] reported raising $306,823 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s3934.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s3934 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111