GO-Zone

GO-Zone

Certain named states and counties in the southern United States,as designated in the Gulf Opportunity Zone Act of 2005. This legislation was passed by Congress in the wake of the devastating 2005 hurricane season to provide tax benefits in hurricane-ravaged areas. Among other benefits, improved property purchased and put into use after August 25, 2005, and before January 1, 2009, may have 50 percent of the value of the improvements depreciated in the first year.In addition,demolition expenses may be written off as expenses rather than capitalized,and the Section 179 expense limits were increased dramatically. Neither the properties, nor the investors,need to have suffered any hurricane damage.The program is similar to the now-defunct Liberty Zone tax benefits enacted after 9/11. For more information, see Publication 4492, “Information for Taxpayers Affected by Hurricanes Katrina, Rita and Wilma,” available at the IRS Web site,www.irs.gov.

References in periodicals archive ?
NEXT week, our Go-Zone Summer Special focuses on Cardiff Bay and north east Wales.
Richard Stockley takes criticism of Graham Goode into the go-zone
The two conditions are: Go and no-go zones shall apply in the Yolanda Avenue and that go-zones within the Yolanda Avenue should still be subjected to certain conditions/guidelines on BSC.