II 110th CONGRESS 2d Session S. 2757 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.
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. .
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. .
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). .