A bill to amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation.

Bill: 117-s-1149
Sponsor: full_name: Sen. Inhofe, James M. [R-OK]
Introduced: 2021-04-15
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Indian social and development programs

Minority and disadvantaged businesses
Latest action: action_date: 2021-04-15
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-04-15
action_desc: Introduced in Senate
text: <p>This bill modifies the requirements for calculating taxable income to make permanent the special depreciation rules for property used predominantly within an Indian reservation. (Under current law, the rules expired after 2021.) </p>

tv_txt: II 117th CONGRESS 1st Session S. 1149 IN THE SENATE OF THE UNITED STATES April 15, 2021 Mr. Inhofe (for himself, Mr. Rounds , Mr. Blunt , and Ms. Lummis ) 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 permanently extend the depreciation rules for property used predominantly within an Indian reservation.

1. Permanent extension of depreciation rules for property on Indian reservations (a) In general Subsection (j) of section 168 of the Internal Revenue Code of 1986 is amended by striking paragraph (9). (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2021.