Gulf Coast Business Investment Mission, 13579-13581 [E6-3849]

Agencies

• Office of the Secretary
• DEPARTMENT OF COMMERCE

[Federal Register Volume 71, Number 51 (Thursday, March 16, 2006)]
[Notices]
[Pages 13579-13581]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-3849]


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DEPARTMENT OF COMMERCE

Office of the Secretary

[Docket No.: 060309060-6060-01]


Gulf Coast Business Investment Mission

AGENCY: Office of the Secretary, Department of Commerce.

ACTION: Notice.

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SUMMARY: The Department of Commerce publishes this notice to invite 
applications to participate in a business investment mission to the 
Gulf Coast Region. Secretary of Commerce Carlos M. Gutierrez in 
coordination with Federal Coordinator Donald E. Powell, Gulf Coast 
Rebuilding, Department of Homeland Security, will lead a senior-level 
business delegation to the Gulf Coast, with stops in Louisiana and 
Mississippi, on May 4-5, 2006. The focus of the trip will be to 
highlight opportunities for investment in the Gulf Coast, including the 
incentives in the recently-enacted Gulf Opportunity Zone Act of 2005. 
During this trip, business delegation members will be briefed by 
ranking federal, state, and local officials on the opportunities 
available for investment in the Gulf Coast, including the advantages of 
using the region as a platform for export production or shipping. This 
mission is geared specifically to businesses with a strong interest in, 
and capable of, making capital investments (of at minimum $5

[[Page 13580]]

Million) in the Gulf Coast region and companies which already have 
significant (at least $5 Million) investments in the region.

DATES: Applications should be submitted to the Department of Commerce's 
Office of Business Liaison by COB, Tuesday, April 11, 2006. 
Applications received after that date will be considered only if space 
and scheduling constraints permit.

FOR FURTHER INFORMATION CONTACT: To request an application, or to 
obtain further information, please contact, the Office of Business 
Liaison, Department of Commerce, Room 5062, Washington, DC 20230, tel: 
(202) 482-1360; Fax: (202) 482-4054, obl@doc.gov, or visit the 
following Web site: https://www.gulfcoastopportunity.gov.

SUPPLEMENTARY INFORMATION: Gulf Coast Business Investment Mission, May 
4-5, 2006. Participants for this mission will be selected by the 
Department of Commerce on the basis of applicability towards the goal 
of fostering business investment in the Gulf Coast region and U.S. 
exports in accordance with the criteria set forth in this announcement.
    The participation fee for this mission is approximately $1,000 per 
company/consortium. Only one representative from the company/consortium 
can apply for participation in the business mission. Expenses for 
travel to and from the Gulf Coast region, lodging, and incidentals will 
be the responsibility of each mission participant.
    Any partisan political activities (including political 
contributions) of an applicant are entirely irrelevant to the selection 
process.

Mission Description

    Secretary of Commerce Carlos M. Gutierrez in coordination with 
Federal Coordinator Donald E. Powell, Gulf Coast Rebuilding, Department 
of Homeland Security, will lead a senior-level business delegation to 
the Gulf Coast, including Baton Rouge and New Orleans, Louisiana and 
Biloxi, Mississippi on May 4-5, 2006, to highlight opportunities for 
business investment in the Gulf Coast--specifically in Louisiana and 
Mississippi.
    The Gulf Coast Business Investment Mission will target, but not be 
limited to, the following industry sectors: Agricultural Processing, 
Biotechnology, Chemicals, Energy, Commercial Construction, Fisheries, 
Information Communication Technology, Petrochemicals, Shipbuilding, 
Real Estate Investment and Financing, Capital Financing, 
Transportation, Manufacturing, Retail, and Travel & Tourism.
    In order to qualify for this mission, applicants should be a senior 
company manager with the ability to make or recommend corporate capital 
allocation decisions. Applicants must also have over $5 million 
invested in the region already or be seriously considering and having 
the financial capacity to invest $5 million in the region. Selection 
for this mission will emphasize in particular those companies with new 
capital to invest in the region, whose investments will ultimately lead 
to economic growth, job creation in the region, and export development.

Commercial Setting

    Over the past six months, Congress and the President have worked 
together to provide approximately $87 billion in total federal 
assistance for the Gulf Region. A crucial component of these efforts 
has been to provide tax relief to the private sector in order to 
encourage business development and job creation. In December of 2005, 
the President signed the Gulf Opportunity Zone Act, which provides $8 
billion in tax relief to individuals, states, and businesses. The GO 
Zone Act will boost the private sector and revive the spirit of 
entrepreneurship across Louisiana and Mississippi. This mission will 
focus on the GO Zone Act's goals of Gulf private sector investment and 
economic development.
    The Gulf Coast represents approximately 28% of U.S. domestic crude 
oil production and approximately 15% of U.S. national refining 
capacity. Additionally, trade flows between the U.S. and over 190 
countries through Gulf Coast ports. The Port of New Orleans is the 
country's top port for imported natural rubber and coffee. Across the 
board, the Gulf Coast ports are national leaders in shipping 
agricultural products such as corn, soybeans, wheat and rice. Other 
leading exports from the region include chemicals, petroleum and coal 
products, processed foods, and transportation equipment. Additionally, 
the local history, arts, and cuisine of the Gulf Coast make the area a 
world-class travel destination. The Gulf Coast region traditionally has 
boasted a strong tourism industry that generates income and creates 
jobs.

Tax Incentives

     Bonus Depreciation: The GO Zone Act provides significant 
acceleration of bonus depreciation, where businesses can claim a 
depreciation deduction in the first year if the property used is equal 
to 50% of its cost.
     Small businesses: For small businesses in the affected 
area, the GO Zone Act will double expensing for investments and new 
equipment from $100,000 to $200,000.
     Education tax relief: The GO Zone Act doubles the Hope 
Scholarship and Lifetime Learning Credits for students attending 
colleges and graduate schools in the Go Zone, bolstering workforce 
skills of the private sector for years to come.
     Work Opportunity Tax Credit: A work-opportunity tax credit 
is available for employers hiring individuals located in the Go Zone.
     Employer-Provided Housing Incentives: For a six-month 
period, the GO Zone Act provides employers with a monthly capped 30% 
tax credit for the cost of employer-provided housing. In addition, up 
to $600 per month of such costs would be excluded from the employee's 
income.

Mission Goals

    The Gulf Coast Business Investment Mission will highlight 
nationally the investment opportunities available in the Gulf Coast 
following the passage of the GO Zone Act of 2005. The mission will 
specifically offer a program where delegation members will be briefed 
by leading Federal, state, and local decision-makers on the economic 
and business landscape in the Gulf States following Hurricanes Katrina 
and Rita and the opportunities available to businesses who invest in 
the area now. Mission members interested in exporting or developing 
export infrastructure will receive briefings targeted specifically at 
these interests. This mission is designed to highlight the 
opportunities for companies to invest in the Gulf Coast to foster 
economic growth, job creation, and export development.

Mission Scenario

    The Gulf Coast Business Investment Mission will include stops in 
three cities: Baton Rouge and New Orleans, LA and Biloxi, MS. In each 
city, business delegation participants will be briefed by key federal, 
state, and local government officials capable of speaking to the 
general economic and business landscape in the Gulf Coast today, 
including export potential and export infrastructure, as well as the 
various government programs (including GO Zone and other incentives) 
geared towards promoting investment in the region. In addition, mission 
participants will hear from representatives from leading Gulf Coast 
businesses and business organizations.

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Timetable, May 4-5, 2006, Baton Rouge and New Orleans, LA and Biloxi, 
MI

     Briefing on the Business and Economic Landscape in 
Louisiana conducted by key federal, state, and local government 
officials.
     Tour, by motor coach, from Baton Rouse to New Orleans with 
stops in industrial centers, residential areas and the New Orleans 
Commercial District.
     Travel to Biloxi via motor coach.
     Briefing on the Business and Economic Landscape in 
Mississippi conducted by key federal, state, and local government 
officials.

Criteria for Participant's Selection

     Relevance of a company's business line to mission goals.
     Company's primary business objectives for participating on 
this mission.
     Capacity and intent to invest $5 million or more in the 
region and /or current investment of $5 million or more in the Gulf 
Coast region.
     Rank of company official proposed for mission; 
participating company official should have capacity to make or 
recommend investment decisions.
     Timeliness of the company's signed application and 
supporting materials.
     Minimum of 10 and maximum of 30 participating companies on 
the mission.

Timeframe for Recruitment and Applications

    Mission recruitment will be conducted in an open and public manner, 
including publication in the Federal Register, posting on the Commerce 
Department's Web site (https://www.doc.gov) and other Internet Web 
sites, press releases to general and trade media, direct mail, 
broadcast fax, notices by industry trade association and other 
multiplier groups, and publicity at industry meetings, symposia, 
conferences, and trade shows. The Department of Commerce will explore 
and welcome outreach assistance from other interested organizations, 
including other U.S. Government agencies.
    Applications for the Mission will be made available March 7, 2006 
through April 11, 2006. Applications can be obtained from the U.S. 
Department of Commerce Office of Business Liaison (202) 482-1360 or 
from the mission Web site at https://www.gulfcoastopportunity.gov. The 
application deadline is COB, Tuesday, April 11, 2006. Completed 
applications should be submitted to the Office of Business Liaison. 
Applications received after that date will be considered only if space 
and scheduling constraints permit.

Paperwork Reduction Act

    This document contains collection-of-information requirements 
subject to the Paperwork Reduction Act (PRA). The use of the Business 
Mission Application form has been approved by OMB under control number 
6900-0023. Notwithstanding any other provision of law, no person is 
required to respond to, nor shall any person be subject to penalty for 
failure to comply with a collection of information subject to the 
Paperwork Reduction Act unless that collection displays a currently 
valid OMB control number.

Nat Wienecke,
Office of Legislative and Intergovernmental Affairs.
 [FR Doc. E6-3849 Filed 3-15-06; 8:45 am]
BILLING CODE 3510-17-P