II
110th CONGRESS
1st Session
S. 2195
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.
Extension of Indian employment credit and depreciation rules for property on Indian reservations
Employment credit
In general
Section 45A(f) of
the Internal Revenue Code of 1986 (relating to termination) is amended by
striking 2007
and inserting 2008
.
Effective date
The amendment made by this subsection shall apply to taxable years beginning after December 31, 2007.
Depreciation rules
In general
Section 168(j)(8) of
the Internal Revenue Code of 1986 (relating to termination) is amended by
striking 2007
and inserting 2008
.
Effective date
The amendment made by this subsection shall apply to property placed in service after December 31, 2007.