Gulf Opportunity Zone Bonds

In September 2005 Congress passed the Katrina Emergency Tax Relief Act of 2005 (KETRA), which created many tax code changes to benefit Hurricane Katrina victims, and those tax payers helping victims of the disaster. The GO Zone Act extends many of the KETRA provisions to the victims of Hurricane Rita and expands certain benefits to small businesses impacted by both storms.

The 2005 Atlantic hurricane season was a record period of activity in this country with 27 named storms and 14 hurricanes. Six came ashore along the Gulf Coast, impacting all states from Texas to Florida. Congress responded to this devastation and in December 2005 passed the Gulf Opportunity Zone Act of 2005, which provides support to individuals and businesses impacted by hurricanes Katrina, Rita and Wilma. The legislation also provides tax and other financial incentives for businesses participating in the rebuilding and restoration of the region.