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Basic Overview of the GO ZONE
On December 21, 2005, President
Bush signed into law the Gulf Zone Opportunity Act, which contains
numerous tax incentives to encourage rebuilding of the areas
affected by Hurricanes Katrina, Rita and Wilma.
The GO Zone is that portion of the Hurricane Katrina disaster area
determined by the President to warrant individual and public
assistance from the federal government.
For Mississippi, the GO Zone includes all of the counties in the
southern third of the state and a significant amount of counties
in the central portion of the state
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GO Zone: Benefits
Among numerous tax incentives, the
Act allows taxpayers to claim an additional first-year bonus
depreciation allowance equal to 50% of the adjusted basis of
Qualified Gulf Opportunity Zone Property (“GO Zone Property”).
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