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With GOZA added to historic tax credits, attention turns to restoring downtowns.

Article Excerpt
With the advantages of the Gulf Opportunity Zone Act of 2005 (GOZA) added to federal and state historical tax credits, the time has never been better for restoration of downtowns in counties across the state designed as part of the GO Zone.

Danny Rasberry, president and owner of Gulf States Marketing, used the tax credits to purchase a building in downtown Laurel. He bought the old First National/AmSouth bank building, a 15,000-square-foot, four-story building right in the middle of downtown Laurel.

"I purchased this building based on the GO Zone," Rasberry said. "I'm a big supporter of downtown, and because of the GO Zone, it made all the sense in the world to make the purchase with the GO Zone tax credits."

There are additional incentives added on top of those provided in the GO Zone. For projects in the GO Zone, the federal historic restoration tax credit is increased from 20% to 26%. Then, which isn't related to the GO Zone, the State of Mississippi passed a bill...

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