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

        [Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4312 Introduced in House (IH)]

110th CONGRESS
1st Session
H. R. 4312

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

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

December 6, 2007

Mr. Baker (for himself, Mr. Melancon, Mr. Boustany, Mr. Jefferson, and
Mr. Alexander) introduced the following bill; which was referred to the
Committee on Ways and Means

_______________________________________________________________________

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 (relating to special allowance for certain
property acquired on or after August 28, 2005) 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 such
Code 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 (Public Law 109-73) is
amended by striking ``2-year period'' and inserting ``4-year period''.
(d) New Markets Credit.--Paragraph (2) of section 1400N(m) of such
Code 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
such Code is amended by inserting ``(January 1, 2013, in the
case of bonds issued by 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 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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