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Definitions of GO ZONE

Gulf Opportunity Zone - Special tax legislation giving tax incentives to "qualified investors" purchasing "qualified property" . The legislation was passed to help the recovery process in Hurricane ravaged areas and can only be used on assets placed into service in those areas. IRS Publication 4492 gives the specifics of the program. Qualified real estate investors get to take the normal first year depreciation expense plus an additional depreciation expense of 50% of the depreciable value of the property. The legislation was modeled after the Liberty Zone legislation passed after the 9/11 attacks. There has been a lot of misinformation about the GO ZONE and any investors first due diligence should be to contact a CPA familiar with the GO ZONE and determine whether he is a "qualified investor" and that the property is a "qualified property".