US President George W. Bush on Wednesday signed the Gulf Opportunity Zone Act into law, affording $8.7 billion in tax breaks to businesses and individuals in the areas devastated by Hurricane Katrina.
In a speech delivered before the signing of the legislation, President Bush announced that:
"This important bill will help the citizens of the Gulf Coast continue to put their lives back together and rebuild their communities in the wake of the devastating hurricanes that hit the region."
He added:
"This tax act provides incentives for people to move forward."
The so called "GO Zone" bill will double small business expensing from $100,000 to $200,000 for investments in new equipment, provide a 50 percent bonus depreciation for all businesses, and extend tax relief to the building of new structures. In addition, for evacuees, the government will start tax-free "worker recovery accounts" of up to $5,000 per person to help with education, child care and retraining.
The legislation also contains tax breaks to assist in the rebuilding of ruined infrastructure, to create more low-income housing in the region, and to assist with the cost of demolition and cleanup operations.
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