Though it has been just over four months since our nation's deadliest disaster, one doesn't have to look very far to see the opportunities that abound in our state in the aftermath of Hurricane Katrina. Mississippi's economy is poised for unprecedented growth, with tax incentives and relief pouring in from the federal and state governments and other agencies.

As we rebuild with a vision of the future, it is important to keep abreast of what these opportunities are so that we can take hold of them and put them to work for us. I've highlighted a couple of benefits that will make a major impact in our lives here in South Mississippi. Please take a few minutes to read this important information so that you can take advantage of it.

With more than $95 million in federal funding allotted to Mississippi to assist higher education in the wake of the storm, our institutes of higher education are now able to help you overcome financial obstacles in pursuit of your academic and career goals.

Hurricane Katrina Relief funds are available to help pay tuition and other costs for the Spring semester and, in some cases, previous tuition balances. Though it is still 'needs based', the effects of Hurricane Katrina on our economy have significantly broadened the criteria.

Though classes are resuming this week at many institutions, there may still be time to register. For more information, call: Southern Miss Hattiesburg 601.266.4774, Southern Miss Gulf Coast 228.865.4500, or any of our states junior colleges and universities.

The Gulf Opportunity Zone Act of 2005 is federal legislation that was passed by Congress and signed into law by President Bush in December of 2005. This legislation provides for Federal Tax Incentives to areas affected by Hurricanes Katrina, Rita, and Wilma that were designated as warranting individual or public and individual assistance.

One provision allows for 50% Bonus Depreciation within the Zone. This incentive allows businesses to claim an additional first-year depreciation deduction equal to 50% of the cost of new property investments made in the Zone. This depreciation allowance applies to software, leasehold improvements, and certain equipment and real estate expenditures. All depreciation deductions would be exempt from Alternative Minimum Taxes.

Thanks to Leland Speed, Executive Director of the Mississippi Development Authority who announced this information last week at the Annual Meeting of the Historic Hattiesburg Downtown Association and to Kathy Gelston, CPA, Financial Resources Division, MDA, for providing the information. There are many more provisions included in this important legislation. Please be sure to go over these and any other new provisions with your tax professional.

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