II 110th CONGRESS 1st Session S. 176 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.

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.