3.0.0 2757 2019-11-15T21:57:49Z 2019-11-15T21:57:49Z Senate S S 2008-03-13 110 ssfi00 Finance Committee Senate Standing Referred to 2008-03-13T15:57:50Z To amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes. 110 4312 HR 2007-12-06 Referred to the House Committee on Ways and Means. Related bill CRS 2008-03-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-03-13 Introduced in Senate IntroReferral 10000 9 Library of Congress V000127 Sen. Vitter, David [R-LA] David Vitter R LA N Taxation Alabama Bonds Building construction Commerce Community development Community development banking Depreciation and amortization Economics and Public Finance Emergency Management Finance and Financial Sector Housing and Community Development Housing finance Hurricanes Income tax Infrastructure Investments Labor and Employment Louisiana Mississippi Regional economic development Rental housing Residential rehabilitation Tax credits Tax deductions Tax incentives Texas Urban affairs Taxation 00 2008-03-13 Introduced in Senate 2008-03-19T14:51:41Z Amends the Internal Revenue Code to: (1) extend through 2010 increased depreciation allowances for certain business and investment property located in the Gulf Opportunity Zone (GO Zone) (through 2011 for nonresidential real property or residential rental property in the GO Zone); (2) extend through 2012 special rules relating to the depreciation of buildings in the GO Zone; (3) extend through 2010 the tax credit for rehabilitation expenditures in the GO Zone; (4) increase the new markets tax credit limitation in 2008 and 2009 for investments in community development entities serving the GO Zone; (5) extend through 2012, and increase the authority for, tax-exempt bond financing for bonds issued by Louisiana or a political subdivision thereof; (6) authorize the Secretary of Housing and Urban Development to expand an area designated as a renewal community; and (7) extend through 2012 the period for designating areas located in the GO Zone as renewal communities.

Amends the Katrina Emergency Tax Relief Act of 2005 to extend for an additional two years the hiring period of employees in the Hurricane Katrina disaster area for purposes of the work opportunity tax credit.

]]> A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes. Display Title A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes. Introduced in Senate 2008-03-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2757is/xml/BILLS-110s2757is.xml 2008-03-13 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.