Certain Gulf Opportunity Zone Tax Incentives Extended through 2011
By MICHAEL D. HAUN & KEVIN P. ERWIN
The recently enacted Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act), extends a number of tax incentives that were enacted in the Gulf Opportunity Zone Act of 2005 (the GO Zone Act). Generally, the GO Zone Act sought to provide tax relief to spur the recovery of Louisiana, Mississippi and Alabama after Hurricane Katrina. The Act extends the following GO Zone Act provisions through 2011: Increased Rehabilitation Tax Credits, Increased State Low-Income Housing Tax-Credit Ceiling, GO Zone Bonds, and Bonus Depreciation.