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

II 117TH CONGRESS 1ST SESSION S. 1149 To amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predominantly within an Indian reservation. IN THE SENATE OF THE UNITED STATES APRIL 15, 2021 Mr. INHOFE (for himself, Mr. ROUNDS, Mr. BLUNT, and Ms. LUMMIS) intro- duced the following bill; which was read twice and referred to the Com- mittee on Finance A BILL To amend the Internal Revenue Code of 1986 to permanently extend the depreciation rules for property used predomi- nantly within an Indian reservation. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. PERMANENT EXTENSION OF DEPRECIATION 3 RULES FOR PROPERTY ON INDIAN RESERVA- 4 TIONS. 5 (a) IN GENERAL.—Subsection (j) of section 168 of 6 the Internal Revenue Code of 1986 is amended by striking 7 paragraph (9). 8 VerDate Sep 11 2014 02:01 Apr 27, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1149.IS S1149 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1149 IS (b) EFFECTIVE DATE.—The amendment made by 1 this section shall apply to property placed in service after 2 December 31, 2021. 3 Æ VerDate Sep 11 2014 02:01 Apr 27, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1149.IS S1149 kjohnson on DSK79L0C42PROD with BILLS