Must Mississippi recognize the GO Zone depreciation?
June 24, 2008
Many people want to know if the state of Mississippi must recognize the GO Zone Bonus Depreciation. The answer here, is no. There is no absolute necessity that the tax code of any state must correspond with the federal tax code.
For instance, if you buy a property classified under the GO Zone, and hold it in an LLC, then Read more
Biloxi GO Zone Casinos Rake in the Profits
June 16, 2008
There is a silent growth taking place in the casino industry along the Gulf Coast. Revenues are higher than before the hurricanes, stimulated by construction and relief workers who throng the casinos for entertainment. The lack of bars, movie theaters, clubs and malls which remain closed have also contributed to this spurt in revenues. This growth in the casino industry has hundreds of workers migrating into Biloxi to help keep the wheels running. Read more
The State of Alabama hopes to add two counties to the GO Zone
May 25, 2008
Hurricane recovery projects in two Alabama counties would gain eligibility for tax exempt bonds in a bill that passed the U.S. House this week, if passed this change would immediately benefit a manufacturing plant being built in Colbert County. The bill still needs to pass the Senate though. Read more
GO Zone extension bill makes it through the House
May 22, 2008
The GO Zone extension bill that relates to the Gulf Opportunity or GO Zone Act passed the House on Wednesday (5/21/08). This bill will get rid of the deadline to start construction and qualify for the GO Zone bonus depreciation. The Senate and House must now come to an agreement on the bill. If the extension is approved it will create an additional $1.1 billion in tax incentives for GO Zone rebuilding efforts in the wake of Hurricane Katrina. Read more
GO Zone extension Investors and Builders have through 2010
April 6, 2008
JACKSON, MS –
The U.S. Senate approved a measure Friday to extend the Gulf Opportunity Zone Act, giving new hope that lucrative tax incentives to build condos, apartments and businesses will last a few more years.U.S. Sen. Roger Wicker added an amendment to a housing bill, and his addition passed 74-5. U.S. Sen. Thad Cochran co-sponsored the bill. Read more
Hurricane Katrina aid goes toward luxury condos far from the storm zone
February 7, 2008
TUSCALOOSA, Alabama: With large swaths of the Gulf Coast region of the United States still in ruins from Hurricane Katrina, rich federal tax breaks designed to spur rebuilding are flowing hundreds of miles (kilometers) inland to investors who are buying up luxury condominiums. Read more
