As part of the IWLA Member Advantage Program, IWLA has formed an alliance with Location Management Services (LMS), a National Economic Development Consulting Firm, to assist in securing financial incentives for IWLA member companies located in hurricane-affected areas.
After Hurricane Katrina devastated New Orleans and the Gulf Coast, Congress approved a massive tax relief bill with expanded help for individuals and businesses in the affected areas. The GO Zone legislation also included areas affected by Hurricanes Wilma and Rita in addition to those impacted by Katrina. The Gulf Opportunity Zone Act of 2005 offers substantial financial incentive programs to help businesses invest and rebuild in the states of Alabama, Louisiana, Mississippi, Texas and Florida and accelerate the recovery of these areas.
These include special economic zones, revenue bonds, tax credits, grants, property tax abatements, tax increment financing, job retention incentives, as well as others. This is a statutory program and therefore has a limited lifespan. In order to take advantage of many of these incentives, companies need to be proactive, for example, in some instances they may need to secure approval of incentives prior to any redevelopment work. However, the program is extremely broad in its interpretation in many sections and even allows companies relocating into the GO Zone who were not damaged by the hurricanes to take advantage of the program.
Location Management Services can file all necessary forms and complete all necessary filings to assure that members in the Gulf Coast region receive all available incentives due. This will be done at no upfront cost to IWLA member companies, and fees for collections of these incentives will only be 15% of the actual amount received.
‘This partnership with LMS is a concrete example of how IWLA collaborates on behalf of its membership to provide member companies with measurable value. We are pleased to offer such a substantive program to our members and lend assistance in an area where there is considerable need,’ said Joel Anderson, IWLA president and CEO.
IWLA members in affected regions are being contacted by a representative of Location Management Services to review incentive eligibility. Affected members may accelerate the process by contacting the IWLA Project Manager at LMS directly and identifying themselves as an IWLA member.