PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Dec 6, 2007
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.
People & committees
Rep. Baker, Richard H. [R-LA-6] · R–LA
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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