[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 288 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 288

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


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                   IN THE SENATE OF THE UNITED STATES

                            January 21, 2009

Mr. Inhofe (for himself and Mr. Coburn) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend 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. PERMANENT EXTENSION OF DEPRECIATION RULES FOR PROPERTY ON 
              INDIAN RESERVATIONS.

    (a) In General.--Subsection (j) of section 168 of the Internal 
Revenue Code of 1986 (relating to property on Indian reservations) is 
amended by striking paragraph (8).
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2007.
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