U.S. Senators Roger Wicker and Thad Cochran of Mississippi recently introduced legislation that would extend the Gulf Opportunity Zone (GO Zone) bonus tax credit, which has been an integral tool in attracting investment to the Gulf Coast after the devastation caused by Hurricane Katrina in 2005. The bill would extend the GO Zone credit through December 31, 2011. It is currently set to expire at the end of 2009. In addition, U.S. Senator Mary Landrieu of Louisiana recently sponsored two similar bills that would extend GO Zone tax credits for low-income housing (S.1761) and historic rehabilitation projects (S.1861). NH&RA applauds the introduction of this important measure. NH&RA’s Historic Preservation Development Council has been working with key members of the House of Representatives and Senate to extend for an additional two years the 6% Historic Tax Credit Boost and Bonus Depreciation. These provisions were established in the Gulf Opportunity Zone Act of 2005 and are critical to the continued rebuilding efforts in the affected areas. Read More…
