Congress created the Gulf Opportunity Zone (GO Zone) to promote reinvestment and recovery.

Key provisions are:

• 50% bonus depreciation is available to businesses of all sizes for investments in equipment, non-residential real property or residential rental property.
• NOL carryback for qualifying losses extended from 2 years to 5 years.
• Tax-exempt bonds worth about $4.9 billion are available in Mississippi . These tax-exempt, private-activity bonds can be used to finance commercial projects. Participating businesses could save up to 200 basis points in interest costs annually. Attractive for projects of $3 million and above.
• Increased deduction for qualifying tangible personal property for small businesses.
• Employee Retention and work opportunity tax credits available to qualifying employers.
• Portion of demolition and cleanup expenses may be expensed instead of capitalized.
• New markets tax credits increased for qualifying investments in low-income communities.
• Increased qualified rehabilitation credits for historic structures.

This information is intended for general informational purposes only to assist business owners in the disaster recovery process and is distributed with the understanding that legal, accounting, and other expert advice should be sought from professionals in those specialty fields.