Since the GO Zone was established in 2005, much progress has been made in the Mississippi Gulf Coast and other GO Zone areas.  The shores of the GO Zone beaches have been cleared and cleaned, suffering not only through the Hurricanes that created the GO Zone but also through an oil spill that wreaked havoc on the waters and the wildlife in the Gulf, while slowing the recovery of the area.  Six years after Hurricane Katrina, the shores are once again safe and attracting tourists from around the United States.  The casino industry, relegated to riverboat type casinos prior to the hurricanes, has returned in force thanks to new laws and regulations that allow the gaming industry to erect sturdier casinos on land.  The revitalized GO Zone gaming industry has also lured tourists back to the area.

The six years leading up to today has also seen the repair and improvement of infrastructure in towns such as Gulfport, Biloxi and surrounding areas.  Highways, bridges, sewer systems, schools, churchs, government buildings and more have all been repaired or rebuilt helping these towns recapture a sense of community.  As the infrastructure is repaired, more and more people return to their homes, though by no means has everyone made it back.  In addition, a number of businesses, new and old, have taken advantage of the tax incentives offered in the area and the jobs have been returning in numbers that have the housing market trying to keep pace.

All of these events have been well documented over the past six years and to anyone who has followed the recovery of the Gulf Coast GO Zone, this is probably old news.  The concern of late has been that there has been little to no news on the GO Zone.  With the GO Zone legislation set to expire at the end of the current year, the lack of news means that in all likelihood the 50 % bonus depreciation and other tax benefits offered by the 2005 federal law are likely to be a thing of the past in 2012. The Gulf Opportunity Act of 2005 was passed with a section that made the receipt of tax benefits conditioned on the property in question being placed in service by a specific date.  Though the date has been extended in the past, the lack of conversation in recent weeks about the GO Zone can only lead one to believe that the current expiration date of January 31, 2011 will be the final expiration date.  Though some whispers have been heard this past year about another extension, either of all benefits under the Act or for certain types of GO Zone property, no action has been seen recently.  

While this is bad news for investors who have been sitting on the fence post regarding GO Zone property these past few years, the good news is that some eligible properties are still available.  Hanover Companies urges anyone who has an interest in investing in the Gulf Coast GO Zone to pick up the phone and call to learn more about the GO Zone Act, the tax benefits avaiable and the eligible properties before the end of the year.  The soon to disappear incentives are not likely to be seen in any area of the United States in the near future, and while the GO Zone will remain an area rich for investment, the opportunites will never match those offered under the GO Zone Act as it stands for these last two weeks of December.