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Article Excerpt
Following a hurricane of epic proportion, an historic piece of legislation was passed by the U.S. Congress to aid the recovery and rebuilding of Mississippi, Louisiana and Alabama. The Gulf Opportunity Zone Act was signed by the president in December 2005 and encompasses 49 of Mississippi's counties.
Business owners all over the state have become educated about the GO Zone Act and have been eager to take advantage of the bond provisions and tax incentives. Due to the massive destruction in the coastal counties, cleanup and rebuilding--especially in Hancock, Harrison and Jackson counties--is much slower than in the rest of the state. For that reason, the 50% bonus depreciation provision was extended for five counties in Mississippi and some parishes in Louisiana. The new deadline is December 31, 2010, for Hancock, Harrison, Jackson, Pearl River and Stone counties.
"Bonus depreciation deadlines have been extended for...
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