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United States · Bill · HR

H.R. 976 (110th)

Children's Health Insurance Program Reauthorization Act of 2007

referredUnited States· United States Congress· EN

Introduced

9 February 2007

Last action

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Status

The Chair announced that the message and the accompanying bill would be referred to the Committees on Energy and Commerce and Ways and Means and that the Clerk would be directed to notify the Senate of the actions of the House.

Sponsors

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Subjects

Discovery layer

Source updated

21 January 2026

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Summary

Small Business Tax Relief Act of 2007 - Amends Internal Revenue Code provisions relating to small business to: (1) extend through 2008 the work opportunity tax credit: (2) qualify certain individuals between age 18 and 40 living in an empowerment zone, enterprise community, or renewal community for the work opportunity tax credit and expand the eligibility for, and amount of, such credit for certain disabled veterans; (3) increase to $125,000 (adjusted for inflation) the expensing allowance for small business assets and extend such increased allowance through 2010; (4) allow employers to claim a business tax credit for social security taxes paid with respect to employee cash tips without regard to any increase in the federal minimum wage rate; (5) allow a full credit against alternative minimum tax liability for the work opportunity tax credit and the employer credit for social security taxes paid with respect to employee cash tips; (6) treat certain businesses jointly owned by married couples as sole proprietorships for tax purposes; (7) deny preferential tax rates on capital gains and dividend income to certain dependents of taxpayers; and (8) grant the Internal Revenue Service with an additional four months to notify taxpayers of tax deficiencies before the suspension period for interest and penalties on underpayments takes effect. Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax rate for corporations with assets of not less than $1 billion in the third quarter of 2012.

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Documents

19 official files

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