US Commerce Secretary Carlos M. Gutierrez has announced that he will lead a delegation of business leaders to Louisiana and Mississippi on a "Gulf Coast Business Investment Mission" to highlight investment opportunities in the Gulf Coast, including federal 'GO-Zone' tax incentives.
The mission, which will take place from 4 to 5 May, 2006, is part of an effort to promote economic growth and job creation in the region following hurricanes Katrina and Rita.
"The business community will lead the way in rebuilding the Gulf Coast economy," Gutierrez commented.
"The Bush administration is committed to encouraging new investment and employment in the region so that businesses can reopen and more people can return to work and communities can be rebuilt better and stronger than before," he added.
In December, President Geroge W. Bush signed legislation that creates a Gulf Opportunity Zone with tax relief for businesses and entrepreneurs in Louisiana, Mississippi and Alabama.
The GO Zone bill doubles 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.
The Gulf Coast Business Investment Mission will target industry sectors including agricultural processing, chemicals, energy, construction, fisheries, petrochemical, shipbuilding, real estate and financing, capital financing, transportation, manufacturing, retail and travel and tourism.
The mission will include stops in New Orleans and Baton Rouge, Louisiana and Biloxi, Mississippi.
"The Administration has led trade missions to other countries that have helped American businesses succeed overseas, so it only makes sense to use that same formula to help introduce or reintroduce American businesses to the Gulf Coast region," added Gutierrez.
"Rebuilding in the wake of Katrina and Rita can't be done by the Federal government alone - partnerships with the private sector are of the utmost importance and will help drive the economic engine for the long-term recovery of this region," he observed.
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