If your business is operating in the Gulf Opportunity Zone, also know as the GO Zone, your business will likely qualify for a larger IRS Section 179 Deduction. The GO Zone is defined as areas affected by hurricanes Katrina, Wilma, or Rita. The Federal Emergency Management Agency (FEMA) has defined certain areas affected by these storms as areas that qualify for a significant bump in the Section 179 Deduction. Please see the IRS website for more detailed definition about GO Zone Property.
If your business is located in the GO Zone, there are additional Section 179 Deductions available to you. The Section 179 Deduction limits are raised by $100,000 or the cost of the Section 179 Property located within the Enterprise Zone or Renewal Community Business Area.
Your tax preparer should be aware of the additional deduction limits in the GO Zone. If your tax preparer is not familiar with the additional deduction limits available in the GO Zone, please make certain that you point out the potential savings to him or her.