PUBLIC LAW 109–135—DEC. 21, 2005
119 STAT. 2601
‘‘(A) IN GENERAL.—This subsection shall apply to any amendment to any plan or annuity contract which is made— ‘‘(i) pursuant to any provision of this section, or pursuant to any regulation issued by the Secretary or the Secretary of Labor under any provision of this section, and ‘‘(ii) on or before the last day of the first plan year beginning on or after January 1, 2007, or such later date as the Secretary may prescribe. In the case of a governmental plan (as defined in section 414(d)), clause (ii) shall be applied by substituting the date which is 2 years after the date otherwise applied under clause (ii). ‘‘(B) CONDITIONS.—This subsection shall not apply to any amendment unless— ‘‘(i) during the period— ‘‘(I) beginning on the date that this section or the regulation described in subparagraph (A)(i) takes effect (or in the case of a plan or contract amendment not required by this section or such regulation, the effective date specified by the plan), and ‘‘(II) ending on the date described in subparagraph (A)(ii) (or, if earlier, the date the plan or contract amendment is adopted), the plan or contract is operated as if such plan or contract amendment were in effect; and ‘‘(ii) such plan or contract amendment applies retroactively for such period. ‘‘SEC. 1400R. EMPLOYMENT RELIEF.
‘‘(a) EMPLOYEE RETENTION CREDIT FOR EMPLOYERS AFFECTED BY HURRICANE KATRINA.— ‘‘(1) IN GENERAL.—For purposes of section 38, in the case of an eligible employer, the Hurricane Katrina employee retention credit for any taxable year is an amount equal to 40 percent of the qualified wages with respect to each eligible employee of such employer for such taxable year. For purposes of the preceding sentence, the amount of qualified wages which may be taken into account with respect to any individual shall not exceed $6,000. ‘‘(2) DEFINITIONS.—For purposes of this subsection— ‘‘(A) ELIGIBLE EMPLOYER.—The term ‘eligible employer’ means any employer— ‘‘(i) which conducted an active trade or business on August 28, 2005, in the GO Zone, and ‘‘(ii) with respect to whom the trade or business described in clause (i) is inoperable on any day after August 28, 2005, and before January 1, 2006, as a result of damage sustained by reason of Hurricane Katrina. ‘‘(B) ELIGIBLE EMPLOYEE.—The term ‘eligible employee’ means with respect to an eligible employer an employee whose principal place of employment on August 28, 2005, with such eligible employer was in the GO Zone.
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