Gulf Oil Spill Recovery Act of 2010

[AI summary unavailable — showing source text] Gulf Oil Spill Recovery Act of 2010 - Amends the Internal Revenue Code to provide tax benefits in the Gulf Oil Spill Recovery Zone. Defines such Recovery Zone to include certain parishes in Louisiana and certain counties in Alabama, Florida, and Mississippi affected by the discharge of oil resulting from the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon (the Gulf Oil Spill). Provides for: (1) the issuance of tax-exempt Gulf Oil Spill Recovery Zone Bonds through 2015 to finance certain projects in the Recovery Zone; (2) additional low-income housing tax credit amounts in the Recovery Zone; (3) increased depreciation and expensing allowances for investment property placed in service in the Recovery Zone; (4) expensing of costs for the removal of debris from the Recovery Zone, the demolition of structures located in the Recovery Zone, and environmental remediation of contaminated sites in the Recovery Zone; (5) an extended five-year carryover period for net operating losses incurred in the Recovery Zone; (6) a tax credit to holders of Gulf Oil Spill Recovery Tax Credit Bonds; (7) a new markets tax credit for investment in community development entit…