Bush Signs GO Zone Legislation for Recovery in Gulf Coast Region
President George W. Bush today signed H.R. 4440, a package of tax incentives to aid recovery in the Gulf Coast region. The measure, passed last week by Congress, creates Gulf Opportunity Zones (GO Zones) and increases low-income housing tax credit (LIHTC) allocating authority for 2006, 2007 and 2008 in the amount of the lesser of the aggregate amount allocated by the state allocating agency to buildings located in GO Zones or $18 multiplied by the population located in designated GO Zones under the most recent census. H.R. 4440 also provides that GO Zones will treated as difficult development areas (DDAs) but will not count toward the 20 percent nationwide cap on designated DDAs.