Summary
Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006 the: (1) election to include combat zone compensation as earned income for purposes of calculating the earned income tax credit; (2) increased cover over (payment) of distilled spirits excise tax to the Treasuries of Puerto Rico and the Virgin Islands; (3) authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) authority to disclose tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayments.
Extends eligibility for the tax deduction for domestic production activities to such activities in Puerto Rico.
Grants a limited federal guarantee of bonds issued by the states of Alabama, Louisiana, or Mississippi for Hurricane Katrina relief.
Allows a taxpayer election to base eligibility for the earned income and child tax credit on earned income reported in a year preceding the year of Hurricanes Rita and Wilma. Authorizes the Secretary of the Treasury to adjust the application of tax laws to prevent taxpayers affected by Hurricanes Rita or Wilma from losing certain tax benefits.
Expresses the sense of Congress that the Secretary should designate a series of bonds as Gulf Coast Recovery Bonds in response to Hurricanes Katrina, Rita, and Wilma.
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