BATON ROUGE, La. (AP) - The expiration date is nearing for
Louisiana's use of a tax-free recovery bond program set up by
Congress after hurricanes Katrina and Rita.
Private developers borrowing money through the federal Gulf
Opportunity Zone Act have until Dec. 31 to tap into the bond
program.
Louisiana received $7.8 billion in tax-free borrowing capacity
to dole out to private business developments to help spur growth in
31 hurricane-impacted parishes. About $59 million remains
unallocated. Another $840 million has been allocated but the bonds
have yet to be sold.
State Treasurer John Kennedy says he's confident the state will
use nearly all its GO Zone bond capacity by the end of the year.
One of the latest projects to get approval for GO Zone bonds is
steelmaker Nucor.

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