[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2195 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 2195

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 18, 2007

  Mr. Inhofe 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 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. EXTENSION OF INDIAN EMPLOYMENT CREDIT AND DEPRECIATION RULES 
              FOR PROPERTY ON INDIAN RESERVATIONS.

    (a) Employment Credit.--
            (1) In general.--Section 45A(f) of the Internal Revenue 
        Code of 1986 (relating to termination) is amended by striking 
        ``2007'' and inserting ``2008''.
            (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.--Section 168(j)(8) of the Internal Revenue 
        Code of 1986 (relating to termination) is amended by striking 
        ``2007'' and inserting ``2008''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to property placed in service after December 31, 
        2007.
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