Gulf Coast Recovery Bond Act of 2005 - Amends the Internal Revenue Code to provide for the issuance through 2010 of qualified Gulf Coast recovery bonds as tax-exempt state and local bonds (interest on such bonds is excluded from gross income). Requires that at least 95 percent of the net proceeds of such bonds be used for Hurricane Katrina and Rita disaster relief in the Gulf Coast areas of Alabama, Louisiana, Mississippi, and Texas.
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