Florida Senate - 2011                                     SM 214
       
       
       
       By Senator Gaetz
       
       
       
       
       4-00273-11                                             2011214__
    1                           Senate Memorial                         
    2         A memorial to the Congress of the United States,
    3         urging Congress to support the tax-relief provisions
    4         of H.R. 5699 and S. 3934, relating to the Deepwater
    5         Horizon Oil Spill of 2010.
    6  
    7         WHEREAS, on April 20, 2010, an explosion occurred on the
    8  Deepwater Horizon oil drilling platform, allowing millions of
    9  gallons of crude oil to contaminate the waters of the Gulf of
   10  Mexico and the beaches and coastline of Florida, and
   11         WHEREAS, the oil spill forced the closure of many areas of
   12  the Gulf of Mexico to commercial fishing, creating financial
   13  hardship for Floridians engaged in fishing and the related
   14  industries of seafood processing, seafood packaging, and the
   15  wholesale and retail sales of seafood, and
   16         WHEREAS, the oil spill forced the closure of many miles of
   17  pristine, white, sandy public beaches in Florida, depositing tar
   18  balls and oily sheen on the beaches and threatening tidal
   19  marshes and bays elsewhere in Florida, and
   20         WHEREAS, closure of the beaches and Gulf waters created
   21  financial hardships for the state’s hospitality industry,
   22  particularly in Northwest Florida, during its most profitable
   23  time of the year, NOW, THEREFORE,
   24  
   25  Be It Resolved by the Legislature of the State of Florida:
   26  
   27         That certain provisions of H.R. 5699 and S. 3934 which
   28  address tax relief for affected businesses and individuals and
   29  which would be most beneficial to Floridians should be approved
   30  by Congress. These provisions are: exempting from federal
   31  taxation as income any insurance payouts arising from the oil
   32  spill and payments for damages attributable to the oil spill
   33  under s. 1002 of the Oil Pollution Act of 1990, 33 U.S.C. 2702,
   34  which were reinvested in the Oil Spill Recovery Zone;
   35  recognizing any taxpayer who has a qualified oil-spill loss as
   36  eligible to use the federal 5-year net operating loss carryback
   37  for federal tax purposes; exempting from federal taxation the
   38  housing stipends paid to persons who are employed in the cleanup
   39  efforts, and awarding a tax credit to employers who paid the
   40  stipends; awarding an Employee Retention Tax Credit to qualified
   41  employers in the affected Gulf Coast area; waiving the tax
   42  penalty on early withdrawals of certain retirement plans if the
   43  proceeds are used as specified; relaxing the cap on federal
   44  deductions for charitable contributions dedicated to the cleanup
   45  efforts; and awarding a Work Opportunity Tax Credit for the
   46  hiring of qualified recovery zone employees.
   47         BE IT FURTHER RESOLVED that copies of this memorial be
   48  dispatched to the President of the United States, to the
   49  President of the United States Senate, to the Speaker of the
   50  United States House of Representatives, and to each member of
   51  the Florida delegation to the United States Congress.