House Passes GO Zone Extension

A bill that would eliminate the deadline to begin construction for the Gulf Opportunity or GO Zone Act passed the House on Wednesday, U.S. Rep. Gene Taylor said. The Senate and House must now agree on the bill, which could mean an additional $1.1 billion in tax incentives for Coast recovery from Hurricane Katrina.

The bill also would allow grant recipients who deducted their loss after Hurricanes Katrina and Rita to amend previous tax returns so grants will not be considered taxable income. More >