Gulf Opportunity Zone Act of 2005

[AI summary unavailable — showing source text] Gulf Opportunity Zone Act of 2005 - Amends the Internal Revenue Code to create a Gulf Opportunity Zone (GO Zone) as part of the Hurricane Katrina disaster area to provide tax benefits to businesses and individuals affected by Hurricane Katrina, including: (1) tax-exempt bond financing and additional advance refunding of existing bond obligations in the states of Alabama, Louisiana, or Mississippi; (2) increased depreciation and expensing allowances for GO Zone property; (3) expensing of GO Zone demolition and cleanup costs and environmental remediation costs; (4) increased expensing for GO Zone reforestation expenditures; and (5) carrybacks of net operating losses for certain GO Zone businesses and public utilities. Provides for federal guarantees of bonds issued in Alabama, Louisiana, or Mississippi for revenue and infrastructure purposes related to Hurricane Katrina. Establishes a Rita GO Zone as part of the Hurricane Rita disaster area and extends to businesses and individuals in such Zone tax benefits currently available in Hurricane Katrina disaster areas, including: (1) tax-free distributions and loans from retirement plans for disaster relief; (2) suspension of limitations o…