Some tax incentives set up to encourage Hurricane Katrina repair will end in December, 2009, not a year later as originally thought.
After Hurricane Katrina hit Louisiana, Mississippi, and Alabama in August, 2005, the Federal Government setup the GO Zone to encourage redevelopment in the area. Modeled after the New York Liberty Zone incentives that were formed for parts of lower Manhattan after the 9-11 terror strike, the legislation signed by President Bush was intended to stimulate rapid, private investment within the Gulf Opportunity Zone (GO Zone).
The plan offers investors GO Zone 50% bonus depreciation deduction for qualifying construction and renovation work. Needless to say, the plan has attracted investors from all over the country, as well as foreign investors. The material circulated to promote the program often states that any qualifying expenditures must be made by the end of 2010. However, the December 31, 2009 date was confirmed by GO Zone Gateway tax advisers, who confirmed the date with the IRS.
For more information about GO Zone projects and tax issues, call (561) 404-7375 or visit www.gozonegateway.com.
For new construction or great existing homes in the area, or used give Sandy's Team a call at (225) 677-SOLD or email firstname.lastname@example.org. We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.