On July 30, President Bush signed the Housing and Economic Recovery Act, including an important amendment to the Gulf Opportunity Zone (GO Zone) Act, which extends one of the significant benefits offered for development in areas in Mississippi and Louisiana.
U.S. Rep. Gene Taylor and U.S. Sen. Roger Wicker were instrumental in the passage of this important legislation that will continue to help the growth of the Mississippi Gulf Coast and other areas along the Gulf of Mexico.
The biggest GO Zone modification is the elimination of the minimum project start date for commercial projects. Previously, the deadline to commence construction of self-constructed GO Zone property was January 1, 2008. Now, there is no minimum start date and the assets need only be placed in service on or before December 31, 2010 in order to take advantage of 50% first-year depreciation incentives.
Tax-exempt GO Zone bonds also continue to be available for the development of a wide array of commercial projects throughout the GO Zone, subject to availability or allocation from the Governor’s office.
If you’re looking to expand, relocate or start a new business, the Mississippi Gulf Coast has great incentives – and great amenities – to get your business GOing!
Call us today at 228-896-5020 to find out more about the great GO Zone incentives.
