This CCH publication reproduces the full text of the taxprovisions contained in the Gulf Opportunity Zone Act of 2005 that amendthe Internal Revenue Code and the Conference Committee report explaining the current law, the changes made, and when each of these changes will go into effect.

Conference Report of the Gulf Opportunity Zone Act of 2005 indicates legislative intent and is particularly helpful pending the issuance of final regulations in areas where the Code is unclear. The Congressional intent expressed in Committee Reports is regarded by Courts as very high authority in determining how to apply new law. For this reason, the Conference Report is a valuable addition to any tax library.