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

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.

October 24, 2007 Read the second time and placed on the calendar