GO Zone Extended
In response to the slow rate of growth in the areas most heavily hit by hurricane,
the Gulf Opportunity (GO) Zone Act of 2005 has been extended. GO Zone
qualifying real property must meet the following criteria to qualify for the
extension.
1) The property must be laced in service by the taxpayer before January 1,
2011.
2) The depreciation is limited to the pre-2010 adjusted basis. In other
words, though the property can placed in service in 2010, the depreciation is
only on the adjusted basis through the end of 2009. Repairs made in 2010
are not eligible for the depreciation.
3) Only properties located within those counties or parishes that suffered
damage to more than 60% of the housing qualify. These are the Louisiana
parishes: Calcasieu, Cameron, Orleans, Plaquemines, St.
Bernard, St. Tammany, and Washington; and the Mississippi
counties: Hancock, Harrison, Jackson, Pearl River,
and Stone. No county in Alabama qualifies for the extension.
Please talk to an attorney or CPA about the GO Zone. This article does
not constitute legal advice.
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