Gulf Opportunity Zone

A special bundle of federal income tax credits and deductions authorized by the Gulf Opportunity Zone Act of 2005 in the aftermath of the Hurricane Katrina Disaster. It allows some businesses to file for tax credits and deductions under certain criteria, for example assisting cleanup, demolition and environmental remediation costs. The purpose of the subsidy is to encourage economic recovery and growth throughout the designated region affected by the disaster (certain areas of Alabama, Louisiana and Mississippi).

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