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S 2195 IS
110th CONGRESS
1st Session
S. 2195
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.
IN THE SENATE OF THE UNITED STATES
October 18, 2007
Mr. INHOFE 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 the Indian employment credit and 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. 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.
U.S. Congress - Text of S.2195 as Introduced in Senate A bill to amend the Internal Revenue Code of 1986 to extend the Indian employment credi...
