Hurricane Rita IRA relief

I'm retired and live off my IRA distibutions yearly. I live in the path of Hurricane Rita. I'm hearing of a new law that would allow me to withdraw some IRA funds without the 10% penalty. I've checked with the IRS and they of course "know nothing". My congressman says it's the Gulf Opportunity Zone Act and it just passed the House. It apparently hasn't passed the Senate and hasn't been signed by Bush of course.

Does anybody know anything about this law? It's getting late this year an I have to send for my 2005 distribution. I would like to send for more money if I could get around the penalty and just pay tax.

12/8/05 -- House passes tax reconciliation bill; prospects for agreement with Senate before year-end appear to be remote.

On December 8, the House by a vote of 234-197 approved H.R. 4297, the "Tax Relief Extension Reconciliation Act of 2005," which extends a number of provisions expiring at the end of this year and also extends low-tax treatment for capital gains and qualified dividends for an additional two years (through 2010). The bill passed by the House is identical to the bill that emerged from the House Ways and Means on Nov. 15. Now, the Senate will strike everything after the enacting clause of the House passed bill, and then insert the text of S. 2020, which was passed by the Senate on Nov. 18, and is a much larger bill than the one passed by the House.

The next step would be for House and Senate conferees to resolve their differences over the tax reconciliation bill but, considering the limited number of legislative days left before the holiday recess, prospects for agreement on this bill before 2006 appear to be remote.

Looks like your congresscritter's office was correct.

I believe the house bill was 4440? not 4297. It was called "Gulf Opportunity Zone Act". Google said it passed on 12/07/05. I'm assuming it wasn't 'rolled into HR 4297.

Even HR4440 only mentions Katrina, not Rita. I think Rita has been added, but not for sure.

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