[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4312 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4312

 To amend the Internal Revenue Code of 1986 to extend certain benefits 
    applicable to the Gulf Opportunity Zone, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 6, 2007

Mr. Baker (for himself, Mr. Melancon, Mr. Boustany, Mr. Jefferson, and 
Mr. Alexander) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend certain benefits 
    applicable to the Gulf Opportunity Zone, and for other purposes.

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

SECTION 1. EXTENSION OF CERTAIN BENEFITS APPLICABLE TO THE GULF 
              OPPORTUNITY ZONE.

    (a) Special Depreciation Allowance.--
            (1) Clause (v) of section 1400N(d)(2)(A) of the Internal 
        Revenue Code of 1986 (relating to special allowance for certain 
        property acquired on or after August 28, 2005) is amended--
                    (A) by striking ``December 31, 2007'' and inserting 
                ``December 31, 2010'', and
                    (B) by striking ``December 31, 2008'' and inserting 
                ``December 31, 2011''.
            (2) Subparagraph (B) of section 1400N(d)(3) of such Code is 
        amended by striking ``January 1, 2008'' and inserting ``January 
        1, 2011''.
            (3) Paragraph (6) of section 1400N(d) of such Code is 
        amended by striking ``2010'' each place it appears and 
        inserting ``2013''.
    (b) Rehabilitation Credit.--Subsection (h) of section 1400N of such 
Code is amended by striking ``December 31, 2008'' and inserting 
``December 31, 2010''.
    (c) Work Opportunity Credit.--Paragraph (1) of section 201(b) of 
the Katrina Emergency Tax Relief Act of 2005 (Public Law 109-73) is 
amended by striking ``2-year period'' and inserting ``4-year period''.
    (d) New Markets Credit.--Paragraph (2) of section 1400N(m) of such 
Code is amended by striking ``and'' at the end of subparagraph (A), by 
striking ``and'' at the end of subparagraph (B), and by adding at the 
end the following new subparagraphs:
                    ``(C) $200,000,000 for 2008, to be so allocated, 
                and
                    ``(D) $200,000,000 for 2009, to be so allocated, 
                and''.
    (e) Tax-Exempt Bond Financing.--
            (1) Extension.--Subparagraph (D) of section 1400N(a)(2) of 
        such Code is amended by inserting ``(January 1, 2013, in the 
        case of bonds issued by Louisiana or a political subdivision 
        thereof)'' after ``January 1, 2011''.
            (2) Increase.--Paragraph (3) of section 1400N(a) of such 
        Code is amended by adding at the end the following new 
        subparagraph:
                    ``(C) Additional bonds for louisiana.--The amount 
                of bonds issued by Louisiana or any political 
                subdivision thereof during 2011 or 2012 which may be 
                designated under subparagraph (A) (without regard to 
                this subparagraph) shall be increased by 
                $5,000,000,000.''.

SEC. 2. EXPANSION OF RENEWAL COMMUNITY LOCATED IN GO ZONE.

    Section 1400E of the Internal Revenue Code of 1986 (relating to 
designation of renewal communities) is amended by adding at the end the 
following new subsection:
    ``(h) Other Expansion of Designated Area.--In the case of an area 
which is designated as a renewal community and located within a Gulf 
Opportunity Zone, at the request of all governments which nominated 
such area as a renewal community, the Secretary of Housing and Urban 
Development may expand the area of such community to include other 
contiguous areas if such governments can establish to the satisfaction 
of the Secretary that such expansion would further the purposes of the 
designation of the initial area as a renewal community.''.

SEC. 3. EXTENSION OF RENEWAL COMMUNITY DESIGNATIONS IN GO ZONE.

    Subsection (b) of section 1400E of the Internal Revenue Code of 
1986 (relating to period for which designation is in effect) is amended 
by adding at the end the following new paragraph:
            ``(4) Extension of period for communities located in go 
        zone.--In the case of any designation of an area as a renewal 
        community which is located within a Gulf Opportunity Zone, this 
        subsection shall be applied--
                    ``(A) by substituting `December 31, 2012' for 
                `December 31, 2009' in paragraphs (1) and (3), and
                    ``(B) by substituting `January 1, 2013' for 
                `January 1, 2010' in paragraph (3).''.
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