I 
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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. EXTENSION OF CERTAIN BENEFITS APPLICA-
BLE 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— 
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(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 ‘‘De-
cember 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 sec-
tion 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 allo-
cated, and 
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‘‘(D) $200,000,000 for 2009, to be so allo-
cated, 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
LOU-
ISIANA.—The amount of bonds issued by Lou-
isiana or any political subdivision thereof during 
2011 or 2012 which may be designated under 
subparagraph (A) (without regard to this sub-
paragraph) 
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 amend-
ed 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 
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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 gov-
ernments can establish to the satisfaction of the Secretary 
that such expansion would further the purposes of the des-
ignation of the initial area as a renewal community.’’. 
SEC. 3. EXTENSION OF RENEWAL COMMUNITY DESIGNA-
TIONS IN GO ZONE. 
Subsection (b) of section 1400E of the Internal Rev-
enue Code of 1986 (relating to period for which designa-
tion is in effect) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(4) EXTENSION OF PERIOD FOR COMMUNITIES 
LOCATED IN GO ZONE.—In the case of any designa-
tion of an area as a renewal community which is lo-
cated within a Gulf Opportunity Zone, this sub-
section 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).’’. 
Æ 
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