| Hurricane Katrina devastated the coastal areas of Mississippi, causing widespread wind and water damage related to the storm surge. Most of the southern half of the state was affected by Katrina, with the damage lessening farther north. Jackson, owing to its central location 140 miles inland, suffered relatively minor damage compared to the coastal areas. Jackson had some wind and water damage with some local flooding, with many homes and cars being damaged by tree limbs and other flying debris, but the overall damage was much lighter than the coastal areas. Many people displaced by Katrina moved to Jackson, further driving up home prices and rents. Despite only light to moderate damage, Hinds and Rankin counties (the Jackson metro area) were declared Gulf Opportunity Zone (“GO Zone”) counties, meaning that the federal government has offered a variety of special tax incentives, the most noteworthy of which is “50% bonus depreciation”, to businesses and investors who are helping to rebuild the areas affected by Katrina. This additional depreciation is a significant benefit for increasing after-tax ROI and is available on property that is placed in service through 12/31/10. Interested investors should contact their accountants, IRA Custodians and/or the Mississippi Development Authority for more information. The number of suitable properties available for renovation - a strong rental demand - GO Zone tax incentives a combination that makes Jackson Mississippi an excellent location for real estate acquisitions. For more Go Zone information visit IRS - GoZone For Information on Self Directed IRA's visit http://www.selfdirectirainfo.com |
GO ZONE
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