S. 1123 would provide an extension for filing a refund for the excise tax on toll telephone service, and it would provide for a safe harbor for businesses claiming such a refund.
Detailed Summary
Simplified Small Business Telephone Tax Relief Act of 2007 - Allows an extension through 2007 for filing refunds for excise tax paid on nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006.
Allows taxpayers eligible for such refunds to elect a specified refund amount based on adjusted gross income in lieu of the actual amount of nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006.
Status of the Legislation
Latest Major Action: 4/17/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
(Log in to edit the wiki and be the first to show why the bill should pass!)
Points Against
(Log in to edit the wiki and be the first to show why the bill should not pass!)
Visitor Comments
There are currently no comments for this bill.