September 22, 2005
Doolittle Introduces Tax Relief to Encourage Private Development in Hurricane Recovery Areas
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JULY:
July 24, 2006 MAY: May 11, 2006 May 10, 2006 May 4, 2006 MARCH: Mar. 1, 2006 JANUARY: Jan. 31, 2006 Jan. 13, 2006 DECEMBER: Dec. 14, 2005 NOVEMBER: Nov. 16, 2005 Nov. 10, 2005 Nov. 4, 2005 Nov. 4, 2005 OCTOBER: Oct. 27, 2005 Oct. 20, 2005 Oct. 13, 2005 SEPTEMBER: Sept. 22, 2005 Sept. 12, 2005 Sept. 8, 2005 |
In an effort to stimulate job growth and encourage rebuilding in areas recently ravaged by hurricanes, this bill allows all business, big and small, to qualify for tax relief by waiving the $400,000 cost limitation that currently prevents larger businesses from making full deductions.
The GREAT Relief Act expires at the end of 2006.
“In the aftermath of Hurricane Katrina and now Rita, the GREAT Relief Act encourages business both big and small to begin investing and rebuilding in areas that desperately need infrastructure and jobs,” Doolittle said. “The private sector has the potential to rebuild hurricane recovery areas without passing on the cost to the taxpayer or getting caught up in bureaucratic red tape.
“Promoting private enterprise in the wake of the hurricanes will create jobs for displaced workers, spur economic growth, and help transform disaster areas into thriving communities,” Doolittle concluded.
The GREAT Relief Act received high praise from the Americans for Tax Reform, one of the nation’s leading taxpayer rights organizations.
“Rep. Doolittle has put forward the correct remedy to ensure hurricane recovery areas are quickly redeveloped," said Grover Norquist, President of Americans for Tax Reform. “Increasing the incentives for small businesses to invest will lower the cost of capital, spur investment, and lead to job creation.”
A hurricane recovery area is any area determined by President Bush during 2005 to warrant public assistance from the Federal Government under the Disaster Relief and Emergency Assistance Act by reason of a hurricane.