Unwrap your present: the Go Zone
Published 12:00 am Saturday, December 23, 2006
Christmas may have come a bit early for businesses throughout portions of Mississippi and Louisiana, but in a strange package &8212; tax legislation.
This weekend, Congress pushed through a bill that included extensions on some key tax incentives aimed at helping to quickly rebuild the economies in hurricane-affected areas.
Normally, tax incentives don&8217;t make for exciting reading &8212; unless you&8217;re an accountant &8212; but in this case, the two-year extensions of the Gulf Opportunity Zone (GO Zone) provisions are certainly worth discussion, perhaps even a song or two.
The GO Zone initiatives provide tax breaks in a couple of key ways, some of which, however, were slated to expire in 2008.
This weekend&8217;s legislation &8212; when signed into law by the president &8212; will extend that deadline by two years.
The extensions are vital since construction delays have slowed some of the rebuilding process. In some areas, new post-Katrina building codes have yet to be finalized which has slowed development plans to a crawl in some of the worst hit areas.
Further, uncertain insurance coverage and even some building materials shortages have limited growth in other areas.
For Natchez-Adams County, the extension of the GO Zone incentives simply means that area has another much-needed &8220;hook&8221; to help lure in new businesses and help encourage existing businesses to continue investing in the community.
This year&8217;s Christmas present stands to reap untold benefits to our area for years and years to come.