Small Business and Work Opportunity Act of 2007

Summary

Small Business and Work Opportunity Act of 2007 - Amends Internal Revenue Code provisions relating to small businesses to: (1) extend through 2010 the increased expensing allowance for small business assets; (2) extend provisions allowing accelerated depreciation for qualified leasehold and restaurant improvement property and to allow accelerated depreciation for improvements to property used in retail businesses; (3) allow certain small businesses to use cash accounting methods and exempt such businesses from the use of inventories; (4) extend through 2012 the work opportunity tax credit and extend such credit to the hiring of residents in certain economically-distressed areas and to certain disabled veterans; and (5) allow certified professional employer organizations to manage employment tax responsibilities for employers. Revises provisions relating to S corporations involving passive investment income, shareholder eligibility, and stock transfers. Revises tax rules relating to: (1) deductibility of punitive damages and of fines and penalties paid to governments for violations of law; (2) tax rules for the treatment of U.S. citizens and permanent resident aliens who leave the United States to avoid payment of taxes; (3) criminal fines and monetary penalties for underpayment of tax due to fraud or tax shelter activities; (4) collection due process hearings for employment tax liabilities; and (5) the Internal Revenue Service (IRS) whistleblower program. Extends the authorization for charging IRS user fees through FY2016.

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Timeline

1. 17 January 2007

   Reported

   Committee on Finance ordered to be reported an original measure.

   Source: Committee

2. 22 January 2007

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 10.

   Source: Calendars

3. 22 January 2007

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-1. Additional views filed.

   Source: Committee

4. 22 January 2007

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-1. Additional views filed.

   Source: Committee

5. 22 January 2007

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 22 January 2007 · Official file

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 22 January 2007

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 22 January 2007

  ViewDownloadOpen at official source

• Reported to Senate without amendment, 1st committee reporting

  summary · EN · 22 January 2007

  Open at official source

• Introduced in Senate

  summary · EN · 22 January 2007

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → S Corporation Modernization Act of 2007
• related to ← S Corporation Modernization Act of 2008