CERTAIN GO ZONE INCENTIVES.

SEC. 3082. CERTAIN GO ZONE INCENTIVES.(a) Use of Amended Income Tax Returns to Take Into Account Receipt of Certain Hurricane-Related Casualty Loss Grants by Disallowing Previously Taken Casualty Loss Deductions.—(1) In general.—Notwithstanding any other provision of the Internal Revenue Code of 1986, if a taxpayer claims a deduction for any taxable year with respect to a casualty loss to a principal residence (within the meaning of section 121 of such Code) resulting from Hurricane Katrina, Hurricane Rita, or Hurricane Wilma and in a subsequent taxable year receives a grant under Public Law 109–148, 109–234, or 110–116 as reimbursement for such loss, such taxpayer may elect to file an amended income tax return for the taxable year in which such deduction was allowed (and for any taxable year to which such deduction is carried) and reduce (but not below zero) the amount of such deduction by the amount of such reimbursement.(2) Time of filing amended return.—Paragraph (1) shall apply with respect to any grant only if any amended income tax returns with respect to such grant are filed not later than the later of—(A) the due date for filing the tax return for the taxable year in which the taxpayer receives such grant, or(B) the date which is 1 year after the date of the enactment of this Act.(3) Waiver of penalties and interest.—Any underpayment of tax resulting from the reduction under paragraph (1) of the amount otherwise allowable as a deduction shall not be subject to any penalty or interest under such Code if such tax is paid not later than 1 year after the filing of the amended return to which such reduction relates.(b) Waiver of Deadline on Construction of GO Zone Property Eligible for Bonus Depreciation.—(1) In general.—Subparagraph (B) of section 1400N(d)(3) is amended to read as follows:“(B) without regard to ‘and before January 1, 2009’ in clause (i) thereof, and”.(2) Effective date.—The amendment made by this subsection shall apply to property placed in service after December 31, 2007.(c) Inclusion of Certain Counties in Gulf Opportunity Zone for Purposes of Tax-Exempt Bond Financing.—(1) In general.—Subsection (a) of section 1400N is amended by adding at the end the following new paragraph:“(8) Inclusion of certain counties.—For purposes of this subsection, the Gulf Opportunity Zone includes Colbert County, Alabama and Dallas County, Alabama.”.122 STAT. 2908(2) Effective date.—The amendment made by this subsection shall take effect as if included in the provisions of the Gulf Opportunity Zone Act of 2005 to which it relates.