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wage under section 6(a)(1) of such Act), beginning 
6 months after the date of enactment of this Act 
and every 6 months thereafter until the minimum 
wage applicable to the Commonwealth of the North-
ern Mariana Islands under this subsection is equal 
to the minimum wage set forth in such section. 
SEC. 7104. APPLICABILITY OF MINIMUM WAGE TO AMER-
ICAN SAMOA. 
(a) APPLICABILITY.— 
(1) IN GENERAL.—Section 6 of the Fair Labor 
Standards Act of 1938 (29 U.S.C. 206) shall apply 
to American Samoa. 
(2) CONFORMING
AMENDMENT.—Section 6(a) 
of the Fair Labor Standards Act of 1938 (29 U.S.C. 
206(a)) is amended by striking paragraph (3) and 
redesignating paragraphs (4) and (5) as paragraphs 
(3) and (4), respectively. 
(b) TRANSITION.— 
(1) IN GENERAL.—Notwithstanding subsection 
(a), the minimum wage applicable to American 
Samoa under section 6(a)(1) of the Fair Labor 
Standards Act of 1938 (29 U.S.C. 206(a)(1)) shall 
be— 
(A) $3.55 an hour, beginning on the 60th 
day after the date of enactment of this Act; and 
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(B) increased by $0.50 an hour (or such 
lesser amount as may be necessary to equal the 
minimum wage under section 6(a)(1) of such 
Act), beginning 6 months after the date of en-
actment of this Act and every 6 months there-
after until the minimum wage applicable to 
American Samoa under this paragraph is equal 
to the minimum wage set forth in such section. 
(2) SPECIAL
RULE.—Notwithstanding para-
graph (1), if an employee is employed in an industry 
in American Samoa that, on the date of enactment 
of this Act, is required to pay a minimum wage rate 
under section 697 of title 29, Code of Federal Regu-
lations, that is higher than the minimum wage rate 
required under paragraph (1)(A), the minimum 
wage applicable to such employee shall be— 
(A) the minimum wage rate required for 
such an industry under such section on the date 
of enactment of this Act; and 
(B) increased by $0.50 an hour (or such 
lesser amount as may be necessary to equal the 
minimum wage under section 6(a)(1) of such 
Act), beginning 6 months after the date of en-
actment of this Act and every 6 months there-
after until the minimum wage applicable to 
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American Samoa under this subsection is equal 
to the minimum wage set forth in such section. 
CHAPTER 2 
SEC. 7201. SHORT TITLE; AMENDMENT OF 1986 CODE; 
TABLE OF CONTENTS. 
(a) SHORT TITLE.—This chapter may be cited as the 
‘‘Small Business Tax Relief Act of 2007’’. 
(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this chapter an 
amendment or repeal is expressed in terms of an amend-
ment to, or repeal of, a section or other provision, the ref-
erence 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 chapter is as follows: 
Sec. 7201. Short title; amendment of 1986 Code; table of contents. 
Sec. 7202. Extension and modification of work opportunity tax credit. 
Sec. 7203. Extension and increase of expensing for small business. 
Sec. 7204. Determination of credit for certain taxes paid with respect to em-
ployee cash tips. 
Sec. 7205. Waiver of individual and corporate alternative minimum tax limits 
on work opportunity credit and credit for taxes paid with re-
spect to employee cash tips. 
Sec. 7206. Family business tax simplification. 
Sec. 7207. Denial of lowest capital gains rate for certain dependents. 
Sec. 7208. Suspension of certain penalties and interest. 
Sec. 7209. Time for payment of corporate estimated taxes. 
SEC. 7202. EXTENSION AND MODIFICATION OF WORK OP-
PORTUNITY TAX CREDIT. 
(a) EXTENSION.—Section 51(c)(4)(B) (relating to 
termination) is amended by striking ‘‘2007’’ and inserting 
‘‘2008’’. 
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(b) INCREASE IN MAXIMUM AGE FOR DESIGNATED 
COMMUNITY RESIDENTS.— 
(1) IN
GENERAL.—Paragraph (5) of section 
51(d) is amended to read as follows: 
‘‘(5) DESIGNATED COMMUNITY RESIDENTS.— 
‘‘(A) IN GENERAL.—The term ‘designated 
community resident’ means any individual who 
is certified by the designated local agency— 
‘‘(i) as having attained age 18 but not 
age 40 on the hiring date, and 
‘‘(ii) as having his principal place of 
abode within an empowerment zone, enter-
prise community, or renewal community. 
‘‘(B) INDIVIDUAL MUST CONTINUE TO RE-
SIDE IN ZONE OR COMMUNITY.—In the case of 
a designated community resident, the term 
‘qualified wages’ shall not include wages paid or 
incurred for services performed while the indi-
vidual’s principal place of abode is outside an 
empowerment zone, enterprise community, or 
renewal community.’’. 
(2) CONFORMING AMENDMENT.—Subparagraph 
(D) of section 51(d)(1) is amended to read as fol-
lows: 
‘‘(D) a designated community resident,’’. 
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