[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 176 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 176

 To amend the Internal Revenue Code of 1986 to permanently extend the 
 Indian employment credit and the depreciation rules for property used 
              predominantly within an Indian reservation.


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                   IN THE SENATE OF THE UNITED STATES

                            January 4, 2007

Mr. Inhofe (for himself and Mr. Coburn) 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 permanently extend the 
 Indian employment credit and the depreciation rules for property used 
              predominantly within an Indian reservation.

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

SECTION 1. PERMANENT EXTENSION OF INDIAN EMPLOYMENT CREDIT AND 
              DEPRECIATION RULES FOR PROPERTY ON INDIAN RESERVATIONS.

    (a) Employment Credit.--
            (1) In general.--Section 45A of the Internal Revenue Code 
        of 1986 (relating to Indian employment credit) is amended by 
        striking subsection (f).
            (2) Effective date.--The amendment made by this subsection 
        shall apply to taxable years beginning after December 31, 2007.
    (b) Depreciation Rules.--
            (1) In general.--Subsection (j) of section 168 of the 
        Internal Revenue Code of 1986 (relating to property on Indian 
        reservations) is amended by striking paragraph (8).
            (2) Effective date.--The amendment made by this subsection 
        shall apply to property placed in service after December 31, 
        2007.
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