Forwardly Inc (FORW)

[chucka]

We should key into the word LAUNCH as I said. if they have a cash model and do a RS it won't matter will it? IF (big if) there is a model to do some OTHER NEW biz as well as the TEC ..we have losses at TEC to offset income is my read BUT i did not ask that of Steve B whom I just called. He has Millions of shares invested as his FUTURE here so a RS with no value or a RS with Value is the only question. I vote we have value here in a future...if we do not exit fast. IN 2008 ! when they do that deal or plural deals. JMHO TAKE
what ur take on TEC that comment about losses? To offset future or hiddern in the Financials INCOME we will sere when fiilllled-this is a lotto pick project for sure..Hey Stock Lobster what is ur take if u read this?
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Previous News

1. FSBO Media entered into a sales and marketing agreement with Key-Tech International for the marketing and sales of a number of real estate projects in the Mississippi GOZONE. FSBO Media previously announced that it has formed a new subsidiary that will be engaged in the sales and marketing of affordable housing utilizing innovative hurricane resistant building technologies. The company also announced that it entered into a purchase agreement with Key-Tec International Inc. to acquire an interest in Key-Tec. The company's Contract Services Agreements are in full force and effect. Key-Tec International Inc. sales have been brisk with sales backlog approaching $20 million. Click link for Mississippi GO ZONE opportunities that explains the major tax credits and bonuses. ie TAX CREDITS ands BONUSES did anyone read this:::: Chucka
http://www.mississippi.org/content.aspx?url=/page/3269&

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Gulf Opportunity Zone Act of 2005
Mississippi Economic Impact

This summary of Federal Legislation is intended as a general overview. The Mississippi Development Authority has no control or influence over the content or implementation of this legislation, and does not administer or approve these programs. This document lists only selected incentives, and does not address all requirements, exclusions, and limitations outlined in the act. Eligibility and other requirements related to these incentives should be discussed with the recipient’s tax professionals.

Select here, to view the text of the Act available at the Library of Congress website.

A PDF version of a Powerpoint presentation on the Go Zone Incentives is available here.

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. Mississippi counties that are included in the Zone for individual and public assistance are:

Adams, Amite, Attala, Claiborne, Choctaw, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston and Yazoo.

Select Go Zone Application to open a copy of the Mississippi Katrina Supplemental CDBG Program Go Zone Application.

Summary of Incentives:
Expands low-income housing tax credits within the Zone. The allocation of low-income housing tax credits was increased for 2006, 2007, and 2008. For these years, Mississippi’s credit ceiling is calculated at $18 per Mississippian in the Zone. This is up from the existing allocation of $1.90 per capita. Additionally, rules for difficult to develop areas will apply in the GO Zone, which will allow the credit to be calculated as 130% of the basis of the property rather than 100%. Unused allocation amounts may not be carried forward. Contact Mississippi Home Corporation for additional information on these credits.
Increases Rehabilitation Tax Credit to help restore commercial buildings. The existing tax credit of 10% of qualified expenditures incurred for rehabilitated buildings constructed prior to 1936 was increased to 13%. For certified historic structures, this credit was increased from 20% to 26%. These increases apply to qualifying expenses incurred from August 28, 2005 through December 31, 2008. All requirements related to structure, facades, brickwork, and other rehabilitation activities must be met. Contact the Mississippi Department of Archives and History for more details on this program.
Additional Bonding Authority. To assist in the rebuilding effort, the state is authorized to issue up to $4,919,000,000 of a special class of tax-exempt private activity bonds called GO Zone Bonds. These bonds may be used to finance the acquisition, construction, and renovation of commercial real property or residential rental property at an interest rate savings of up to 2%. This bonding authority expires after December 31, 2010. It should be noted that a business may choose the tax-exempt financing or the bonus depreciation, but may not utilize both for the same asset class.
Allows 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. Property must be used in the active conduct of a trade or business. All depreciation deductions would be exempt from Alternative Minimum Taxes. This provision applies to property placed in service through December 31, 2007, or December 31, 2008 for real property in the core disaster area.

For Hancock, Harrison, Jackson, Pearl River and Stone Counties, the placed in service date has been extended through December 31, 2010. For all other counties in the GO Zone, the original placed in service dates are still in effect.

Provides enhanced Section 179 expensing for Small Businesses.* Eligible small businesses may expense $200,000 of investment made in the Zone. This amount is up from $100,000, and will be allowed on investments from August 28, 2005 through December 31, 2007. The phase-out floor for investment is also increased from $400,000 to $1 million through December 31, 2007.
Extends Net Operating Loss Carryback.* The net operating loss (NOL) carryback period is extended from two to five years for losses attributable to:
Repair of existing investment damaged by Hurricane Katrina
Business casualty losses due to Hurricane Katrina
Moving expenses and temporary housing expense for employees working in areas damaged by Hurricane Katrina.
Losses created due to claiming the 50% bonus depreciation on assets placed in service within the GO Zone.
These NOL rules are effective for losses arising in years ending on or after August 28, 2005. Taxpayers with losses associated with public utility property caused by Hurricane Katrina may either carryback a net operating loss attributable to certain casualty losses 10 years, or the losses as having occurred five years prior to the disaster.
50% Expensing of Demolition Costs. Businesses may expense half of otherwise capitalized demolition or clean-up costs within the GO Zone. Costs must be paid or incurred before January 1, 2008.
Remediation Expensing. Costs incurred associated with qualified environmental remediation inside the GO Zone, including clean up of petroleum products, may be expensed. Costs must be paid or incurred prior to January 1, 2008.
Provides relief for small timber owners. Timber owners with less than 500 acres of timber in the Zone may expense $20,000 of reforestation costs incurred from August 27, 2005 through December 31, 2007. These owners may also elect a five-year carryback of net operating losses incurred after August 27, 2005 and before December 31, 2007.
Expanded Work Opportunity Tax Credits. The Katrina Emergency Tax Relief Act of 2005 (KETRA) allows employers to claim WOTC credits for hiring any employee in the GO Zone area who lived in the core disaster area and is hired after August 28, 2005 and before August 28, 2007. Credit is allowed for 40% of the first $6,000 of qualified first-year wages paid to the eligible employee.
Increases New Markets Tax Credits. $1 billion in New Markets Tax Credit authority is provided for 2006 and 2007 for community development entities that serve disadvantage communities in the GO Zone. These Community Development Entities use these investments to fund investments in qualified low-income community businesses. Federal income tax credits of 39% are allowed, earned at 5% in years one through three, and 6% in years four through seven.
Increases Hope Scholarship and Lifetime Learning Credits. This provision doubles the Hope Credit dollar amounts so the maximum credit is $3,000, and doubles the Lifetime Learning Credit percentage to 40%, for a maximum Lifetime Learning Credit of $4,000. Room and board are considered qualified expenses.
Allows Mississippi and municipalities to reduce costs by restructuring outstanding debt. One additional advance refunding before January 1, 2011 is allowed for states and municipalities within the Zone, with an additional authorization for Mississippi of $2.25 billion. This allows the bond issuer to restructure eligible debt by refinancing at a lower rate or spreading interest over a longer period of time. Certain 501(c) (3) bonds are also eligible for advance refunding as well.
Authorizes Gulf Tax Credit Debt Service Bonds. The state is authorized to issue debt service tax credit bonds to help devastated communities meet their debt service requirements as a result of the hurricane. Bonds must mature no more than two years after issuance, and must be issued before January 1, 2007. Mississippi’s allocation is $100 million.
Gulf Coast Recovery Bonds. Expresses the sense of Congress that one or more series of savings bonds should be designated as “Gulf Coast Recovery Bonds”.
*GO Zone bonus depreciation, section 179 expensing, extended NOL carryback, and bonding authority will not be allowed for private or commercial golf courses, country clubs, massage parlors, hot tub facilities, suntan facilities, liquor stores, or gambling or animal racing property.


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