Mitch Landrieu: “the people of New Orleans and the rest of the Gulf Coast have been working hard to rebuild their communities and the…”

“the people of New Orleans and the rest of the Gulf Coast have been working hard to rebuild their communities and the economy of the region. The Gulf Opportunity (GO) Zone legislation that the Congress passed and the President signed into law at the end of last year, has contributed greatly to the rebuilding efforts. The benefits of this legislation have been tremendous so far. Hundreds of businesses, large and small, will be able to take advantage of tax incentives made possible by the GO Zone bill. These include a bonus depreciation provision that allows businesses to take a 50 percent depreciation deduction in the first year on new plant or equipment in the GO Zone. This has helped jump start our recovery by giving businesses the incentive to invest quickly in the GO Zone. The GO Zone Act also increased the amount of low income housing tax credits available to GO Zone states. The Louisiana Housing Finance Agency reports that it has awarded more than $80 million in low income housing tax credits. These credits will be leveraged to finance 195 rental housing developments for working families. The GO Zone also included an increased rehabilitation tax credit to encourage the preservation and rehabilitation of historic structures. We have many beautiful, old buildings in New Orleans and along the Gulf. They are part of our heritage and as we rebuild we want to preserve that heritage.”