Congressman Jeff Miller failed to not only get Escambia and Santa Rosa counties in the GO Zone when it passed in 2006 or when Congress extended this spring.
What is the Go Zone? The Gulf Opportunity Act of 2005 (commonly referred to as the “GO ZONE” act) was passed by Congress to help the affected counties in Alabama, Mississippi, and Louisiana rebuild after Hurricanes Katrina, Rita, and Wilma. The counties extend north of the Gulf Coast.
The Go Zone Act provides investors and developers with tremendous tax incentives. As a result of the devastation attributed to Hurricane Katrina, The Go Zone Act provides bonus depreciation incentives allowing you to literally write off hundreds of thousands of dollars, while still turning profits on the property.
On Monday, Alabama Power Co. won approval to use $120 million in GO Zone bond financing for ongoing air pollution control work at Barry Steam Plant in Bucks. Gulf Opportunity Zone bonds were created by Congress as a way to spur hurricane recovery by allowing private companies to issue tax-free bonds.
The Go Zone gives Alabama another competitive advantage over us.
Read Alabama Power gets nod for more Gulf Opportunity Zone bonds