[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2757 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2757

 To amend the Internal Revenue Code of 1986 to extend certain benefits 
    applicable to the Gulf Opportunity Zone, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 13, 2008

  Mr. Vitter 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 certain benefits 
    applicable to the Gulf Opportunity Zone, and for other purposes.

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

SECTION 1. EXTENSION OF CERTAIN BENEFITS APPLICABLE TO THE GULF 
              OPPORTUNITY ZONE.

    (a) Special Depreciation Allowance.--
            (1) Clause (v) of section 1400N(d)(2)(A) of the Internal 
        Revenue Code of 1986 is amended--
                    (A) by striking ``December 31, 2007'' and inserting 
                ``December 31, 2010'', and
                    (B) by striking ``December 31, 2008'' and inserting 
                ``December 31, 2011''.
            (2) Subparagraph (B) of section 1400N(d)(3) of such Code is 
        amended by striking ``January 1, 2008'' and inserting ``January 
        1, 2011''.
            (3) Paragraph (6) of section 1400N(d) of such Code is 
        amended by striking ``2010'' each place it appears and 
        inserting ``2013''.
    (b) Rehabilitation Credit.--Subsection (h) of section 1400N of the 
Internal Revenue Code of 1986 is amended by striking ``December 31, 
2008'' and inserting ``December 31, 2010''.
    (c) Work Opportunity Credit.--Paragraph (1) of section 201(b) of 
the Katrina Emergency Tax Relief Act of 2005 is amended by striking 
``2-year period'' and inserting ``4-year period''.
    (d) New Markets Credit.--Paragraph (2) of section 1400N(m) of the 
Internal Revenue Code of 1986 is amended by striking ``and'' at the end 
of subparagraph (A), by striking ``and'' at the end of subparagraph 
(B), and by adding at the end the following new subparagraphs:
                    ``(C) $200,000,000 for 2008, to be so allocated, 
                and
                    ``(D) $200,000,000 for 2009, to be so allocated, 
                and''.
    (e) Tax-Exempt Bond Financing.--
            (1) Extension.--Subparagraph (D) of section 1400N(a)(2) of 
        the Internal Revenue Code of 1986 is amended by inserting 
        ``(January 1, 2013, in the case of bonds issued by the State of 
        Louisiana or a political subdivision thereof)'' after ``January 
        1, 2011''.
            (2) Increase.--Paragraph (3) of section 1400N(a) of such 
        Code is amended by adding at the end the following new 
        subparagraph:
                    ``(C) Additional bonds for louisiana.--The amount 
                of bonds issued by the State of Louisiana or any 
                political subdivision thereof during 2011 or 2012 which 
                may be designated under subparagraph (A) (without 
                regard to this subparagraph) shall be increased by 
                $5,000,000,000.''.

SEC. 2. EXPANSION OF RENEWAL COMMUNITY LOCATED IN GO ZONE.

    Section 1400E of the Internal Revenue Code of 1986 (relating to 
designation of renewal communities) is amended by adding at the end the 
following new subsection:
    ``(h) Other Expansion of Designated Area.--In the case of an area 
which is designated as a renewal community and located within a Gulf 
Opportunity Zone, at the request of all governments which nominated 
such area as a renewal community, the Secretary of Housing and Urban 
Development may expand the area of such community to include other 
contiguous areas if such governments can establish to the satisfaction 
of the Secretary that such expansion would further the purposes of the 
designation of the initial area as a renewal community.''.

SEC. 3. EXTENSION OF RENEWAL COMMUNITY DESIGNATIONS IN GO ZONE.

    Subsection (b) of section 1400E of the Internal Revenue Code of 
1986 (relating to period for which designation is in effect) is amended 
by adding at the end the following new paragraph:
            ``(4) Extension of period for communities located in go 
        zone.--In the case of any designation of an area as a renewal 
        community which is located within a Gulf Opportunity Zone, this 
        subsection shall be applied--
                    ``(A) by substituting `December 31, 2012' for 
                `December 31, 2009' in paragraphs (1) and (3), and
                    ``(B) by substituting `January 1, 2013' for 
                `January 1, 2010' in paragraph (3).''.
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