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GAO REPORTS ON GO ZONE TAX INCENTIVES

Wednesday, July 16, 2008 - 7:30AM

As of mid-June 2008, eligible states had allocated 87 percent of available Gulf Opportunity (GO) Zone private activity bond authority, and state housing finance authorities had awarded 95 percent of the GO Zone low-income housing tax credits (LIHTCs), according to a report issued today by the Government Accountability Office (GAO). GAO also reports that GO Zone LIHTC-funded units will address about 17 percent and 45 percent of the rental housing units with major or severe damage in the states of Louisiana and Mississippi, respectively. The report identifies tax incentives in the GO Zone Act of 2005 and in subsequent legislation; describes the procedures state governments use in allocating the tax incentives; and describes how tax incentives have been allocated and for what purposes.

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