[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2216 Placed on Calendar Senate (PCS)]






                                                       Calendar No. 439
110th CONGRESS
  1st Session
                                S. 2216

    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 23, 2007

Mr. Inhofe introduced the following bill; which was read the first time

                            October 24, 2007

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 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.
                                                       Calendar No. 439

110th CONGRESS

  1st Session

                                S. 2216

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                            October 24, 2007

            Read the second time and placed on the calendar