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While the Gulf Opportunity Act (GO Zone Act) is set to expire in just a few more days, the Gulf Coast area in Mississippi still offers incredible investment opportunites to those looking to purchase real estate. It looks as if the GO Zone Act will be retired as of January 1, 2012, meaning investors will no longer be able to take advantage of the 50% bonus depreciation offered by the Act. While we urge anyone interested in taking advantage of the GO Zone Act to contact us immediately, do not write off the Mississippi Gulf Coast even after the New Year.
Following Hurricanes Katrina, Wilma and Rita, many Gulf Coast towns were simply destroyed - homes, business, infrastructure. The GO Zone Act was passed to help rebuild and revitalize the area following the destruction. The past six years have seen much progress in each of these areas, including a return to a top United States tourist area. Mississippi offers natural attractions in the form of beaches, wildlife, a warmer climate and, of course, the ocean. The surf and sand may be enough to pull some people into the GO Zone, but add to that fishing charters, challenging golf courses and an area rich in culture and history and the GUlf Coast GO Zone becomes even more attractive.
Even properties that were not eligible for tax benefits under the GO Zone Act have begun to thrive once again in the Gulf Coast. Changes in state law have allowed the gaming industry to move to land and erect bigger and better hotels, casinos and restaurants, attracting not only tourists, but performers as well. Jimmy Buffet's new Margaritaville Casino and Restaurant is currently being build on Biloxi’s Back Bay with a May 2012 scheduled grand opening. Expect Parrotheads to flock ot the 26,000 square foot gaming floor which will also include a restaurant based on the hit song, a marina, an events center and retail shops. This nearly 60 million dollar GO Zone project was undertaken without the benefit of the tax incentives offered under the Act.
The GO Zone town of Gulfport, Mississippi includes the Port of Gulfport, which plays a large part in import and export, shipping and international trade. The port is set to undergo expansion, and many believe that with the expansion of the Panama Canal will come an expansion of work for the Port. Both Gulfport and Biloxi were named to the Ten Best markets for real estate investors as recently as June 2011 by Inman News. As the area continues to rebuild, and rebuild better, job opportunities are growing quickly. The need for housing is struggling to keep up with the demand, creating an excellent environment for investors.
Though the GO Zone Act and its benefits may be disappearing, do not expect the Gulf Coast GO Zone progress to subside. Contact Hanover Companies today to learn more about the Gulf Coast GO Zone and the incredible opportunities that currently exist under the GO Zone Act.
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