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Recovery with a hand from Uncle Sam.

Publication: Metal Center News
Publication Date: 01-FEB-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Recovery with a hand from Uncle Sam.(BUSINESS TOPICS)

Article Excerpt
FEW PROFESSIONAL RISK MANAGERS predicted or planned for the battering suffered by Florida-based businesses in 2004. Few businesses in the Gulf region could have predicted or obtained insurance against the tremendous damages produced more recently by Hurricane Katrina, Rita or Wilma. Fortunately, when risk management fails and insurance proves inadequate to cover a metal center operation's losses, our federal tax laws are usually there to help ease some of the financial strain.

The havoc wrought by the hurricanes in the Gulf resulted in federal legislation, the Katrina Emergency Tax Relief Act of 2005, aimed largely at individuals impacted by the devastation of Katrina. That law permitted penalty-free withdrawal by service center owners from IRAs and other qualified retirement plans, funds that could be used to keep their businesses afloat. The law expanded the work-opportunity tax credit and the new-employee-retention credit. The law also extended the non-recognition of gain replacement period.

A second bill, the Gulf Opportunity Zone Act, allows effected businesses to claim 50-percent first-year depreciation on GO zone property. This "bonus" depreciation is allowed for property with a recovery period of less than 20 years, software, and both residential and non-residential real property.

The Section 179 expensing allowance was increased...

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