S. 538 would reduce income tax withholding deposits to reflect a FICA payroll tax credit for certain employers located in specified portions of the GO Zone.
Detailed Summary
Work, Hope, and Opportunity for the Disaster Area Today Act - Allows small business employers (employers of not more than 100 full time employees) in specified areas of the Gulf Opportunity (GO) Zone to claim a credit against the employment tax liabilities of their GO Zone employees. Limits to $15,000 per employee the amount of wages eligible for such credit in any calendar quarter.
Amends the Internal Revenue Code to allow a full tax deduction for business meal and entertainment expenses (normally, only 50% of such expenses are deductible) incurred in specified areas of the GO Zone prior to January 1, 2010.
Extends through 2009: (1) the increased expensing allowance for GO Zone investment property; and (2) the work opportunity tax credit for hiring Hurricane Katrina employees.
Extends through 2008 provisions allowing accelerated depreciation of qualified leasehold, restaurant, and retail improvement property located in specified areas of the GO Zone.
Status of the Legislation
Latest Major Action: 2/8/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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