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Historic properties counting on GO Zone incentives extension.

Article Excerpt
New construction and development are not the only structures benefiting from Gulf Opportunity Zone (GO Zone) Act legislation as rebuilding continues in areas damaged by Hurricane Katrina. Historical properties are using the 26% tax break as an incentive to restore buildings in a number of Mississippi towns. An extension of the act--helping new and historical properties--is being wrangled in the U.S. Congress for the most severely affected counties. An extension will give property owners more time to begin work.

'Absolutely critical'

"Eliminating the current construction start date is absolutely critical to the continued and long-term economic rebuilding efforts on the Mississippi Gulf Coast," says Brian W. Sanderson, president of the Gulf Coast Business Council. "Many factors have prevented major projects and rebuilding efforts from breaking ground before now but chief among them are insurance, environmental regulations, zoning requirements and funding contingencies."

With few surviving historical properties on the Coast,...

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