Mississippi's two U.S. senators have introduced legislation to extend a tax incentive designed to spur rebuilding efforts after Hurricane Katrina.
The bill introduced by Thad Cochran and Roger Wicker, both Republicans, would extend the Gulf Opportunity Zone bonus depreciation tax incentive through Dec. 31, 2011. Those benefits are set to expire Dec. 31.
In a news release, Wicker, who authored the bill, said Louisiana senators, Mary Landrieu, a Democrat, and David Vitter, a Republican, have signed on as original co-sponsors of the measure.
The GO Zone Act of 2005 created a tax incentive equal to 50 percent of the cost of qualified property for the taxable year in which it was placed in service.
Cochran said the extension is needed to continue the progress.