[StBernard] Gulf Opportunity (GO) Zone Legislation Signals Revitalization

[Westley Annis]

Gulf Opportunity (GO) Zone Legislation Signals Revitalization 
Passage of H.R.4440 will bring Louisiana residents and businesses back home 

Baton Rouge, LA -The Gulf Opportunity (GO) Zone is important in rebuilding
areas of Louisiana, Mississippi and Alabama that were impacted by Hurricane
Katrina. This legislation provides tax-based incentives for both individuals
and companies doing business in the region. These incentives will enhance
rebuilding and revitalization of communities along the Gulf Coast.

"Passage of the Gulf Opportunity Zone Act of 2005 means that residents of
Louisiana and the Gulf Coast have much-needed hope for the rebirth of our
economy," said Governor Kathleen Babineaux Blanco. "I applaud, in
particular, Congressmen Jim McCrery and Bill Jefferson and give thanks to
the entire Louisiana delegation for their leadership on this important
legislation that will help bring our families and businesses back home."

Key business incentives contained in the legislation include a 50 percent
bonus depreciation, allowing businesses rebuilding in the Zone to cla! im an
additional first-year depreciation deduction equal to 50 percent of the cost
of new property investments made in the Zone. The bill also creates an
additional tax-exempt bond authority to help rebuild damaged infrastructure
in the Zone. The private activity bonds, called GO Zone Bonds can be issued
by the state or any political subdivision. Proceeds can be used to pay for
acquisition, construction, reconstruction and renovation of nonresidential
real (commercial) property, including fixed improvements. This legislation
also provides for easier issuance of tax exempt bonds for single and
multi-family housing projects. 

"These are the type of programs that are critically needed in order for our
existing businesses to return to the region, while attracting new and
diverse opportunities to Louisiana," said Louisiana Economic Development
Secretary Michael J. Olivier.

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The Louisiana Disaste! r Recovery Foundation (LDRF), Louisiana's fund for
Louisiana's people, has been established by Governor Kathleen Babineaux
Blanco in order to support long-term family restoration and recovery and
help provide assistance to our citizens in need through a network of
Louisiana charities and non-profit agencies.

1-877-HELPLA1 (877-435-7521) www.louisianahelp.org