Page:United States Statutes at Large Volume 120.djvu/2971

 120 STAT. 2940

PUBLIC LAW 109–432—DEC. 20, 2006 (c) ZERO PERCENT CAPITAL GAINS RATE.— (1) IN GENERAL.—Subsection (b) of section 1400B is amended by striking ‘‘2006’’ each place it appears and inserting ‘‘2008’’. (2) CONFORMING AMENDMENTS.— (A) Section 1400B(e)(2) is amended— (i) by striking ‘‘2010’’ and inserting ‘‘2012’’, and (ii) by striking ‘‘2010’’ in the heading thereof and inserting ‘‘2012’’. (B) Section 1400B(g)(2) is amended by striking ‘‘2010’’ and inserting ‘‘2012’’. (C) Section 1400F(d) is amended by striking ‘‘2010’’ and inserting ‘‘2012’’. (3) EFFECTIVE DATES.— (A) EXTENSION.—The amendments made by paragraph (1) shall apply to acquisitions after December 31, 2005. (B) CONFORMING AMENDMENTS.—The amendments made by paragraph (2) shall take effect on the date of the enactment of this Act. (d) FIRST-TIME HOMEBUYER CREDIT.— (1) IN GENERAL.—Subsection (i) of section 1400C is amended by striking ‘‘2006’’ and inserting ‘‘2008’’. (2) EFFECTIVE DATE.—The amendment made by this subsection shall apply to property purchased after December 31, 2005.

26 USC 1400B.

26 USC 1400B note.

26 USC 1400C note.

SEC. 111. INDIAN EMPLOYMENT TAX CREDIT.

26 USC 45A note.

(a) IN GENERAL.—Section 45A(f) is amended by striking ‘‘2005’’ and inserting ‘‘2007’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2005. SEC. 112. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATIONS.

26 USC 168 note.

(a) IN GENERAL.—Section 168(j)(8) is amended by striking ‘‘2005’’ and inserting ‘‘2007’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to property placed in service after December 31, 2005. SEC. 113. FIFTEEN-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND QUALIFIED RESTAURANT PROPERTY.

(a) IN GENERAL.—Clauses (iv) and (v) of section 168(e)(3)(E) are each amended by striking ‘‘2006’’ and inserting ‘‘2008’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to property placed in service after December 31, 2005. SEC. 114. COVER OVER OF TAX ON DISTILLED SPIRITS.

26 USC 7652 note.

VerDate 14-DEC-2004

09:16 Jul 13, 2007

(a) IN GENERAL.—Section 7652(f)(1) is amended by striking ‘‘2006’’ and inserting ‘‘2008’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to articles brought into the United States after December 31, 2005.

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