|
Washington, DC – Congressman William Jefferson co-sponsored legislation authored by Rep. Richard Baker (LA-6) on the expansion of the Gulf Opportunity Zones (GO-ZONES). The bill, HR 4312, was submitted for consideration and included specific language written by Rep. Jefferson.
The language placed in the legislation by Rep. Jefferson pertains to Renewal Communities. In this bill, Renewal communities, which will go above and beyond GO-ZONE by offering two additional tax credits, will be expanded to include all of Orleans parish and extend the deadline to 2012 (an extra three years). These changes will allow for more parish investment and retention of businesses already located in the parish, both essential aspects to speeding the recovery.
“Our recovery is not the rapid recovery that we all hoped it would be when many of us returned to rebuild our city, but it is hoped that this bill will be the catalyst needed to proceed at a much more expeditious rate,” said Jefferson of the legislation.
GO-ZONES, Gulf Opportunity Zones, were created in the GO-ZONE Act of 2005, signed into law on December 22, 2005. It allows for specific areas devastated by Hurricanes Katrina and Rita to be privy to tax benefits for, originally, four years after the hurricane season of 2005.
|
