Katrina Economic Opportunity Act - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale or exchange of a Gulf Opportunity Zone asset (business stock, partnership interest, or property in a Hurricane Katrina disaster area) held for more than five years; (2) waive small business asset expensing limits for Gulf Opportunity Zone assets; and (3) qualify Gulf Opportunity Zone investments for the new markets tax credit.
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