Mitch Landrieu: “the Senate has taken a big step forward in helping Louisiana and the other States affected by Hurricanes Katrina, Rita…”

“the Senate has taken a big step forward in helping Louisiana and the other States affected by Hurricanes Katrina, Rita, and Wilma by passing H.R. 4440, the Gulf Opportunity Zone Act of 2005, also known as the GO Zone Act. I realize that there are a number of very important pieces of legislation pending before the Senate and the House of Representatives as we wind down this session. But I want my colleagues to know that I am grateful, and the people of Louisiana are grateful, for the Senate's passing this bill by unanimous consent. I must thank Chairman Grassley and Ranking Member Baucus of the Finance Committee for their work on this legislation and for the tremendous support of their staffs. The GO Zone Act contains a number of tax incentives to rebuild our economic infrastructure. Our State will be able to issue bonds to build housing, roads, bridges, and industrial plants. The bill increases the allocation of low-income housing tax credits in the GO Zone to $18 per person--more than nine times the amount we are currently allocated--to build housing to allow all of our citizens to return home. Businesses will be able to get favorable depreciation and enhanced deductions for investing in plant and equipment in the devastated areas. These tax incentives are aimed at helping our businesses stay in business. We also included an expansion of the Hope scholarship and lifetime learning credit for students who return to the GO Zone to continue their educations.…”