IR-2005-101, Sept. 12, 2005 WASHINGTON — Today the Treasury Department and the IRS announced guidance regarding the temporary operation of ships in the domestic trade as a result of Hurricane Katrina. Hurricane Katrina damaged many of the Gulf Coast oil refineries and has significantly disrupted the pipeline transportation of oil and refined products from the Gulf Coast States. The Secretary of Homeland Security has waived the Merchant Marine Act of 1920 and related laws for the transportation of petroleum and refined petroleum in response to Hurricane Katrina, including the transportation of petroleum from the Strategic Petroleum Reserve undertaken in response to the circumstances arising from Hurricane Katrina. By the notice issued today, Treasury and the IRS are providing complementary guidance related to the tax treatment of ship operators transporting petroleum and refined petroleum products pursuant to the waiver and the treatment of the crew members of ships operating pursuant to the waiver. Links: Notice-2005-65 PDF — Announcement of Rules Relating to the Temporary Operation of Ships Involved in the Domestic Trade as a Reslut of Hurricane Katrina (PDF 14K, 5 pages) More Information on Hurricane Katrina-related Issues Subscribe to IRS Newswire
