(a) Exclusion of employer provided housing for individual affected by Hurricane Katrina
(1) In general
Gross income of a qualified employee shall not include the value of any lodging furnished in-kind to such employee (and such employee’s spouse or any of such employee’s dependents) by or on behalf of a qualified employer for any month during the taxable year.
The amount which may be excluded under paragraph (1) for any month for which lodging is furnished during the taxable year shall not exceed $600.
(3) Treatment of exclusion
The exclusion under paragraph (1) shall be treated as an exclusion under section
119 (other than for purposes of sections
(b) Employer credit for housing employees affected by Hurricane Katrina
For purposes of section
38, in the case of a qualified employer, the Hurricane Katrina housing credit for any month during the taxable year is an amount equal to 30 percent of any amount which is excludable from the gross income of a qualified employee of such employer under subsection (a) and not otherwise excludable under section
(c) Qualified employee
For purposes of this section, the term “qualified employee” means, with respect to any month, an individual—
(1)who had a principal residence (as defined in section
121) in the Gulf Opportunity Zone on August 28, 2005, and
(2)who performs substantially all employment services—
(A)in the Gulf Opportunity Zone, and
(B)for the qualified employer which furnishes lodging to such individual.
(d) Qualified employer
For purposes of this section, the term “qualified employer” means any employer with a trade or business located in the Gulf Opportunity Zone.
(e) Certain rules to apply
For purposes of this subsection, rules similar to the rules of sections
52 shall apply.
(f) Application of section
This section shall apply to lodging furnished during the period—
(1)beginning on the first day of the first month beginning after the date of the enactment of this section, and
(2)ending on the date which is 6 months after the first day described in paragraph (1).
The date of the enactment of this section, referred to in subsec. (f)(1), is the date of enactment of Pub. L. 109–135, which was approved Dec. 21, 2005.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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