Katrina Emergency Tax Relief Act of 2005

[AI summary unavailable — showing source text] Katrina Emergency Tax Relief Act of 2005 - Amends the Internal Revenue Code to provide tax relief to Hurricane Katrina victims, including by: (1) extending (from two to five years) the mandatory replacement period for property involuntarily converted due to Hurricane Katrina: (2) suspending (between August 28 and December 31, 2005) the limitations on individual and corporate charitable cash contributions for Hurricane Katrina relief efforts; (3) increasing the standard mileage rate for the tax deduction for charitable use of an automobile used for Hurricane Katrina relief; (4) excluding from gross income cancellations of certain nonbusiness indebtedness incurred by Hurricane Katrina victims; (5) suspending certain restrictions on residential loans financed with mortgage revenue bonds in a Hurricane Katrina disaster area; (6) suspending limitations on casualty losses incurred by Hurricane Katrina victims; (7) allowing an additional personal tax exemption for housing individuals displaced by Hurricane Katrina; (8) allowing Hurricane Katrina victims eligible for an earned income credit in 2005 to base such credit on 2004 earned income; (9) authorizing the Secretary of the Treasury to …