H.R. 4312 would amend the Internal Revenue Code of 1986 to extend certain benefits applicable to the Gulf Opportunity Zone.

== Detailed Summary ==

<summary>
(LogAmends 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 edit the wikidepreciation 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 be2009 for investments in community development entities serving the firstGO 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 provideexpand an area designated as a detailed summaryrenewal 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 bill!)work opportunity tax credit.
</summary>

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== Status of the Legislation ==

<status>
(Log inLatest Major Action: 12/6/2007: Referred to House committee. Status: Referred to edit the wikiHouse Committee on Ways and be the first to update the status of the bill!)Means.
</status>

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== Points in Favor ==

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== Points Against ==

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