Don Culpepper Reports On Go Zone Workshop - - The News for South Mississippi

Don Culpepper Reports On Go Zone Workshop

The potential windfall is staggering.  

"For some of you it's going to mean 10's of thousands. For some, it could be 100's of thousands," Don Mains with the U.S. Department of Housing and Urban Development tells the Gulfport crowd.

But accessing part of the 10 billion dollars in federal tax breaks and incentives now available to the Gulf states can be a staggering challenge. It's complicated, but the money set aside for the Gulf Opportunity or "Go" Zone is there jump start the economy's hardest hit by hurricanes Katrina, as well as Rita and Wilma.  

"Weather you have students in college, there's a benefit there," says Mains. "Weather you're an individual there's a benefit there. Weather you're trying to rebuild you business there's benefits there."

In all, there are about 25 separate incentives designed to lower the cost living and doing business in the zone.  

"This is going to do nothing but help us as we go out into the future," says Larry Barnett, Executive Director of the Harrison County Development Commission. "It will help us to recover quicker than we would have otherwise."  

"Small business owner Terese Collins admits all this is pretty hard to follow. But the one thing she did learn, is to direct those who do understand bonus depreciation and section 179 deductions to get her business in the Go Zone.  

"We really need to use our accountants to help us navigate through this legislation and our Bankers," says Collins. "And I think we need to rely on the people like the Harrison County Development Commission to help guide us towards the future of recovery and growth."

by Don Culpepper.

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