Gulf Opportunity Zone

Weathering the Storm
Workforce Tax Credits and Other Government Incentives to Rebuild the Gulf Coast

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Tax Credits for Employers

The Katrina Emergency Tax Relief Act of 2005 provides tax credits to businesses in the disaster area. Below is a summary of the provisions relating to employment tax credits. These credits are intended to encourage employers to retain their employees on the payroll during the period the business may be inoperable, and once the business is back in operation, to hire new employees who lived in the disaster area.

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Casualty Losses

The Katrina Emergency Tax Relief Act of 2005 has lifted the casualty loss restrictions for the areas damaged by Hurricane Katrina. The provision eliminates the 10-percent threshold and $100 floor for losses incurred after August 25, 2005, in the Hurricane Katrina disaster area. As a result, you may be eligible to claim a deduction equal to 100 percent of any casualty losses you sustained as a result of Hurricane Katrina. This deduction may result in significant tax savings or even the elimination of your taxable income.

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Business Interruption Insurance Checklist

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