Page:United States Statutes at Large Volume 121.djvu/211

 121 STAT. 190 Small Business and Work Opportunity Tax Act of 2007. 26 USC 1 note. 26 USC 1 et seq.

PUBLIC LAW 110–28—MAY 25, 2007

Subtitle B—Small Business Tax Incentives SEC. 8201. SHORT TITLE; AMENDMENT OF CODE; TABLE OF CONTENTS.

(a) SHORT TITLE.—This subtitle may be cited as the ‘‘Small Business and Work Opportunity Tax Act of 2007’’. (b) AMENDMENT OF 1986 CODE.—Except as otherwise expressly provided, whenever in this subtitle an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) TABLE OF CONTENTS.—The table of contents of this subtitle is as follows: Sec. 8201. Short title; amendment of Code; table of contents. PART 1—SMALL BUSINESS TAX RELIEF PROVISIONS SUBPART A—GENERAL PROVISIONS

Sec. 8211. Extension and modification of work opportunity tax credit. Sec. 8212. Extension and increase of expensing for small business. Sec. 8213. Determination of credit for certain taxes paid with respect to employee cash tips. Sec. 8214. Waiver of individual and corporate alternative minimum tax limits on work opportunity credit and credit for taxes paid with respect to employee cash tips. Sec. 8215. Family business tax simplification. SUBPART B—GULF OPPORTUNITY ZONE TAX INCENTIVES

Sec. 8221. Extension of increased expensing for qualified section 179 Gulf Opportunity Zone property. Sec. 8222. Extension and expansion of low-income housing credit rules for buildings in the GO Zones. Sec. 8223. Special tax-exempt bond financing rule for repairs and reconstructions of residences in the GO Zones. Sec. 8224. GAO study of practices employed by State and local governments in allocating and utilizing tax incentives provided pursuant to the Gulf Opportunity Zone Act of 2005. SUBPART C—SUBCHAPTER S PROVISIONS

Sec. 8231. Capital gain of S corporation not treated as passive investment income. Sec. 8232. Treatment of bank director shares. Sec. 8233. Special rule for bank required to change from the reserve method of accounting on becoming S corporation. Sec. 8234. Treatment of the sale of interest in a qualified subchapter S subsidiary. Sec. 8235. Elimination of all earnings and profits attributable to pre-1983 years for certain corporations. Sec. 8236. Deductibility of interest expense on indebtedness incurred by an electing small business trust to acquire S corporation stock. PART 2—REVENUE PROVISIONS

dkrause on GSDDPC44 with PUBLAW

Sec. 8241. Increase in age of children whose unearned income is taxed as if parent’s income. Sec. 8242. Suspension of certain penalties and interest. Sec. 8243. Modification of collection due process procedures for employment tax liabilities. Sec. 8244. Permanent extension of IRS user fees. Sec. 8245. Increase in penalty for bad checks and money orders. Sec. 8246. Understatement of taxpayer liability by return preparers. Sec. 8247. Penalty for filing erroneous refund claims. Sec. 8248. Time for payment of corporate estimated taxes.

VerDate Aug 31 2005

13:52 Jan 23, 2009

Jkt 059194

PO 00001

Frm 00188

Fmt 6580

Sfmt 6581

M:\STATUTES\2007\59194PT1.001

APPS10

PsN: 59194PT1

�