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Ask the legal professional.

Publication: Mississippi Business Journal
Publication Date: 24-APR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Ask the legal professional.(redeveloping business in the region hit by Hurricane Katrina)

Article Excerpt
Q: Are economic benefits available for developing or redeveloping business in the region hit by Hurricane Katrina?

A. In response to the destruction caused by Hurricane Katrina, in December 2005 new federal tax legislation was enacted to spur investment in portions of Louisiana, Mississippi and Alabama called the "Gulf Opportunity Zone" or "GO Zone."

The legislation offers powerful incentives for companies to invest in the GO Zone. The primary incentives are: (i) the availability of lower interest tax-exempt bond financing, subject to state approval, to creditworthy borrowers and (ii) various tax incentives, including accelerated depreciation, expensing, tax credits and net operating loss carrybacks. The bottom line is that the...

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