Page 247

107 STAT. 558 PUBLIC LAW 103-66—AUG. 10, 1993 (1) which is designed to provide employment of, and busi- ness opportunities for, low-income indiviauals who are residents of the operational area of the community development corpora- tion, and (2) which is approved by the Secretary of Housing and Urban Development. Part m—^Investment in Indian Reservations SEC. 13321. ACCELERATED DEPBECIATION FOR PROPERTY ON INDIAN RESERVATIONS. 26 use 168. (a) IN GENERAL.—Section 168 is amended by adding at the end the following new subsection: "(j) PROPERTY ON INDIAN RESERVATIONS.— "(1) IN GENERAL.—^For purposes of subsection (a), the applicable recovery period for qualified Indian reservation prop- erty shall be determined in accordance with the table contained in paragraph (2) in lieu of the table contained in subsection (0. "(2) APPUCABLE RECOVERY PERIOD FOR INDIAN RESERVATION PROPERTY.—^For purposes of paragraph (1)— The applicable 'In the case at. recovery period ia: 3-year property 2 years 5-year property 3 years 7-year property 4 years 10-year property 6 years 15-year property 9 years 20-year property 12 years Nonresidential real property 22 years. "(3) DEDUCTION ALLOWED IN COMPUTING MINIMUM TAX.— For purposes of determining alternative minimum taxable income under section 55, the deduction under subsection (a) for property to which paragraph (1) applies shall be determined under this section without regard to any adjustment under section 56. "(4) QUALIFIED INDIAN RESERVATION PROPERTY DEFINED.— For purposes of this subsection— "(A) IN GENERAL.—^The term '(jualified Indian reserva- tion property' means property which is property described in the teble in paragraph (2) and which is— "(i) used by the taxpayer predominantly in the active conduct of a trade or business within an Indian reservation, "(ii) not used or located outoide the Indian reserva- tion on a regular basis, "(iii) not acquired (directly or indirectly) by the taxpayer from a person who is related to the taxpayer (within the meaning of section 465(bX3XC)), and "(iv) not property (or any portion thereof) placed in service for purposes of conducting or housing class I, II, or III gaming (as defined in section 4 of the Indian Regulatory Act (25 U.S.C. 2703)). "(B) EXCEPTION FOR ALTERNATIVE DEPRECIATION PROP- ERTY.—^The term 'qualified Indian reservation property* does not include any property to which the alternative