[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 4071 Introduced in Senate (IS)]







109th CONGRESS
  2d Session
                                S. 4071

  To amend the Internal Revenue Code of 1986 to extend the placed-in-
 service date requirement for low-income housing credit buildings and 
     bonus depreciation property and the period for rehabilitation 
               expenditures in the Gulf Opportunity Zone.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 16, 2006

 Ms. Landrieu introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL



  To amend the Internal Revenue Code of 1986 to extend the placed-in-
 service date requirement for low-income housing credit buildings and 
     bonus depreciation property and the period for rehabilitation 
               expenditures in the Gulf Opportunity Zone.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF PLACED-IN-SERVICE DATE REQUIREMENT FOR LOW-
              INCOME HOUSING CREDIT BUILDINGS AND BONUS DEPRECIATION 
              PROPERTY AND PERIOD FOR REHABILITATION EXPENDITURES IN 
              GULF OPPORTUNITY ZONE.

    (a) Low-Income Housing Credit Buildings.--Section 1400N(c) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``or 2008'' in paragraph (3)(A) and 
        inserting ``2008, 2009, or 2010'',
            (2) by striking ``during such period'' in paragraph 
        (3)(B)(ii) and inserting ``during the period described in 
        subparagraph (A)'', and
            (3) by striking ``or 2008'' in paragraph (4)(A) and 
        inserting ``2008, 2009, or 2010''.
    (b) Bonus Depreciation Property.--Section 1400N(d) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``December 31, 2007 (December 31, 2008, in 
        the case of nonresidential real property and residential rental 
        property)'' in paragraph (2)(A)(v) and inserting ``December 31, 
        2010'', and
            (2) by striking ``January 1, 2008'' in paragraph (3)(B) and 
        inserting ``January 1, 2011''.
    (c) Increase in Rehabilitation Credit.--Section 1400N(h) of the 
Internal Revenue Code of 1986 is amended by striking ``2008'' and 
inserting ``2010''.
                                 <all>