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Gospel spreading about powerful GO Zone incentives.

Article Excerpt
"I remember explaining this incentive to a California developer looking at the tremendous opportunities in the post-Katrina Coast who practically fell out of his chair and had to stop me and make sure he was correctly understanding just how generous this incentive is. Now, it's not for every developer or for every project, but when the stars align with the right investor and the right project, it's a very powerful incentive indeed and without question is attracting investment that would not otherwise have come to Mississippi."

--John Harral, Butler Snow O'Mara Stevens & Cannada, PLLC

Varying types of businesses are taking advantage of the tax-exempt GO Zone bonds, just one aspect of the Gulf Opportunity (GO) Zone Act of 2005 passed by 'Congress after Hurricane Katrina to facilitate the rebuilding process.

Michael Russ, a member of the public law and finance group at Butler Snow O'Mara Stevens & Cannada, PLLC, in Jackson, has closed several bond deals and induced many more in recent months for businesses ranging from shipbuilding to hotels, office buildings, retail shopping, doctor's offices and manufacturing plants.

"We're seeing manufacturing companies using the economic benefits of the bonus depreciation to help finance expansions or to upgrade their equipment," said Paul Varner, leader of the tax group at Butler Snow. "In addition, many professional service firms are using bonus depreciation to help finance the construction of new or expanded office space. Due to the nature of the incentives and the fact that the state delegation, led by Sen. (Trent) Lott's (R-Miss.) office, drafted this legislation to attract new business and assist recovering ones, these projects include business recovery, expansion and new construction."

According to the Mississippi Business Finance Corporation, 116 projects have been induced, totaling $3.62 billion and creating 11,737 new jobs in...

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