What are GO Zones and where are they?
The GO Zone Act established geographical areas, called Gulf Opportunity Zones (GO Zone), corresponding roughly with the devastation of Hurricane Katrina, Rita and Wilma. The purpose of the legislation, as it relates to real estate, were to establish tax relief measures so these geographical areas could rebuild their infrastructure in the most efficient and effective manner as determined by the Federal government with the acknowledgement that capital to build the infrastructure needed to come from the private sector. GO Zone Gateway has chosen to focus on the Katrina GO Zone alone since it allows the 50% Bonus Depreciation.
The Katrina GO Zone covers the following:
Alabama GO Zone: The counties of Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa, and Washington.
Louisiana GO Zone: The parishes of Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermillion, Washington, West Baton Rouge, and West Feliciana.
Mississippi GO Zone: The counties of Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston, and Yazoo.