II 111th CONGRESS 1st Session S. 288 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 A BILL To amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation.

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.