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The Gulf Opportunity Zone Act of
2005 (H.R. 4440 passed by Congress on Dec. 16, 2005,
and signed by President Bush on Dec. 21, 2005)
establishes tax incentives and bond provisions to
rebuild the local and regional economies devastated
by hurricanes Katrina and Rita. The act is commonly
referred to as the "GO Zone Act."
While the entire state of Louisiana is part of
the Hurricane Katrina Disaster Area, the provisions
of the GO Zone Act apply only to a limited number of
Louisiana parishes, defined as the "Core Disaster
Area" and referred to as the "GO Zone." |
CLICK HERE FOR THE
GO ZONE GUIDE ONLINE |
However, it is also important to note
that the GO Zone reaches far beyond Plaquemines, Calcasieu,
Orleans, Jefferson, St. Bernard and the other parishes most
devastated by Katrina and Rita.
This means that businesses on the North
Shore of Lake Pontchartrain, in Baton Rouge, as far north as
Pointe Coupee and the Feliciana parishes, and as far west as
Calcasieu Parish are eligible to take advantage of many of
the provisions of the GO Zone Act, including tax-exempt bond
financing for new investment and favorable tax accounting
for both new property and Katrina-related expenses.
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