S. 2757 · 110th Congress
A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf…
Full title
A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VitterSponsorNo cosponsors.
Amends the Internal Revenue Code to: (1) extend through 2010 increased depreciation allowances for certain business and investment property located in the Gulf Opportunity Zone (GO Zone) (through 2011 for nonresidential real property or residential rental property in the GO Zone); (2) extend through 2012 special rules relating to the depreciation of…
What it does: CRS summary · Introduced in Senate · Mar 13, 2008
Amends the Internal Revenue Code to: (1) extend through 2010 increased depreciation allowances for certain business and investment property located in the Gulf Opportunity Zone (GO Zone) (through 2011 for nonresidential real property or residential rental property in the GO Zone); (2) extend through 2012 special rules relating to the depreciation of buildings in the GO Zone; (3) extend through 2010 the tax credit for rehabilitation expenditures in the GO Zone; (4) increase the new markets tax credit limitation in 2008 and 2009 for investments in community development entities serving the GO Zone; (5) extend through 2012, and increase the authority for, tax-exempt bond financing for bonds issued by Louisiana or a political subdivision thereof; (6) authorize the Secretary of Housing and Urban Development to expand an area designated as a renewal community; and (7) extend through 2012 the period for designating areas located in the GO Zone as renewal communities.
Amends the Katrina Emergency Tax Relief Act of 2005 to extend for an additional two years the hiring period of employees in the Hurricane Katrina disaster area for purposes of the work opportunity tax credit.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone, and for other purposes.
Latest action (Mar 13, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 13, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.