Gulf Opportunity Zone Act of 2005

[AI summary unavailable — showing source text] Gulf Opportunity Zone Act of 2005 - Amends the Internal Revenue Code to: (1) establish a Gulf Opportunity Zone (GO Zone) in areas affected by Hurricane Katrina to provide tax benefits (e.g., tax-exempt bond financing, low-income housing credits, accelerated depreciation and increased expenses of business assets, extended carrybacks of net operating losses for businesses and timber producers, and tax credits for investment in a GO Zone and for the retention of employees working in a GO Zone) for individual and businesses in those areas; (2) provide federal guarantees for certain bonds issued by the states of Alabama, Louisiana, or Mississippi; (3) establish opportunity zones in areas affected by Hurricanes Rita (Rita GO Zone) and Wilma (Wilma GO Zone) and extend tax benefits currently available in the Gulf Opportunity Zone to individuals and businesses affected by Hurricanes Rita and Wilma; and (4) authorize the Secretary of the Treasury to allow the tax deduction for traveling expenses for certain taxpayers away from home for more than a year due to a major disaster. Expresses the sense of Congress that the Secretary should designate a series of bonds or certificates as Gulf Coast …