II 109th CONGRESS 2d Session S. 4071 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.

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.