### Question
How is the term qualified Gulf Opportunity Zone Bond defined?


### Answer
The term **qualified Gulf Opportunity Zone Bond** is defined in *26 U.S.C. § 1400N* as the following:

> any bond issued as part of an issue if—


(A)(i) 95 percent or more of the net proceeds (as defined in section 150(a)(3)) of such issue are to be used for qualified project costs, or


(ii) such issue meets the requirements of a qualified mortgage issue, except as otherwise provided in this subsection,


(B) such bond is issued by the State of Alabama, Louisiana, or Mississippi, or any political subdivision thereof,


(C) such bond is designated for purposes of this section by—


(i) in the case of a bond which is required under State law to be approved by the bond commission of such State, such bond commission, and


(ii) in the case of any other bond, the Governor of such State,


  

(D) such bond is issued after the date of the enactment of this section and before January 1, 2012, and


(E) no portion of the proceeds of such issue is to be used to provide any property described in section 144(c)(6)(B)

#### Citation:
  - *26 U.S.C. § 1400N*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter Y-Short-Term Regional Benefits > PART II-TAX BENEFITS FOR GO ZONES**

