09 January 2006

Gulf Hurricane Related Tax Breaks.

There are gillions of tax breaks available in the aftermath of last year's Gulf Coast Hurricanes in the Gulf Opportunity Zone Act of 2005 (even more are found in KERTA,the Katrina Emergency Tax Relief Act). I won't detail them. But, maybe you know someone who might qualify for the breaks and doesn't know if they do. Here is the threshold issue:

The opportunity zone includes the portion of the Hurricane Katrina, Rita and Wilma disaster areas that were designated by the federal government to warrant individual or individual and public assistance under the Stafford Act because of these hurricanes.

If you are in this group, contact an accountant.

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