In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Security and Freedom Through
Encryption (SAFE) Act''.

SEC. 2. SALE AND USE OF ENCRYPTION.

(a) In General.--Part I of title 18, United States Code, is amended
by inserting after chapter 121 the following new chapter:

''CHAPTER 122--ENCRYPTED WIRE AND ELECTRONIC INFORMATION

''2801. Definitions.
''2802. Freedom to use encryption.
''2803. Freedom to sell encryption.
''2804. Prohibition on mandatory key escrow.
''2805. Unlawful use of encryption in furtherance of a criminal act.
''Sec. 2801. Definitions
''As used in this chapter--
''(1) the terms 'person', 'State', 'wire communication',
'electronic communication', 'investigative or law enforcement
officer', 'judge of competent jurisdiction', and 'electronic
storage' have the meanings given those terms in section 2510 of
this title;
''(2) the terms 'encrypt' and 'encryption' refer to the
scrambling of wire or electronic information using mathematical
formulas or algorithms in order to preserve the
confidentiality, integrity, or authenticity of, and prevent
unauthorized recipients from accessing or altering, such
information;
''(3) the term 'key' means the variable information used in
a mathematical formula, code, or algorithm, or any component
thereof, used to decrypt wire or electronic information that
has been encrypted; and
''(4) the term 'United States person' means--
''(A) any United States citizen;
''(B) any other person organized under the laws of
any State, the District of Columbia, or any
commonwealth, territory, or possession of the United
States; and
''(C) any person organized under the laws of any
foreign country who is owned or controlled by
individuals or persons described in subparagraphs (A)
and (B).
''Sec. 2802. Freedom to use encryption
''Subject to section 2805, it shall be lawful for any person within
any State, and for any United States person in a foreign country, to
use any encryption, regardless of the encryption algorithm selected,
encryption key length chosen, or implementation technique or medium
used.
''Sec. 2803. Freedom to sell encryption
''Subject to section 2805, it shall be lawful for any person within
any State to sell in interstate commerce any encryption, regardless of
the encryption algorithm selected, encryption key length chosen, or
implementation technique or medium used.
''Sec. 2804. Prohibition on mandatory key escrow
''(a) Prohibition.--No person in lawful possession of a key to
encrypted information may be required by Federal or State law to
relinquish to another person control of that key.
''(b) Exception for Access for Law Enforcement Purposes.--
Subsection (a) shall not affect the authority of any investigative or
law enforcement officer, acting under any law in effect on the
effective date of this chapter, to gain access to encrypted
information.
''Sec. 2805. Unlawful use of encryption in furtherance of a criminal
act
''Any person who willfully uses encryption in furtherance of the
commission of a criminal offense for which the person may be prosecuted
in a court of competent jurisdiction--
''(1) in the case of a first offense under this section,
shall be imprisoned for not more than 5 years, or fined in the
amount set forth in this title, or both; and
''(2) in the case of a second or subsequent offense under
this section, shall be imprisoned for not more than 10 years,
or fined in the amount set forth in this title, or both.''.
(b) Conforming Amendment.--The table of chapters for part I of
title 18, United States Code, is amended by inserting after the item
relating to chapter 33 the following new item:

''122. Encrypted wire and electronic information............ 2801''.

SEC. 3. EXPORTS OF ENCRYPTION.

(a) Amendment to Export Administration Act of 1979.--Section 17 of
the Export Administration Act of 1979 (50 U.S.C. App. 2416) is amended
by adding at the end thereof the following new subsection:
''(g) Computers and Related Equipment.--
''(1) General rule.--Subject to paragraphs (2), (3), and
(4), the Secretary shall have exclusive authority to control
exports of all computer hardware, software, and technology for
information security (including encryption), except that which
is specifically designed or modified for military use,
including command, control, and intelligence applications.
''(2) Items not requiring licenses.--No validated license
may be required, except pursuant to the Trading With The Enemy
Act or the International Emergency Economic Powers Act (but
only to the estent that the authority of such Act is not
exercised to extend controls imposed under this Act), for the
export or reexport of--
''(A) any software, including software with
encryption capabilities--
''(i) that is generally available, as is,
and is designed for installation by the
purchaser; or
''(ii) that is in the public domain for
which copyright or other protection is not
available under title 17, United States Code,
or that is available to the public because it
is generally accessible to the interested
public in any form; or
''(B) any computing device solely because it
incorporates or employs in any form software (including
software with encryption capabilities) exempted from
any requirement for a validated license under
subparagraph (A).
''(3) Software with encryption capabilities.--The Secretary
shall authorize the export or reexport of software with
encryption capabilities for nonmilitary end-uses in any country
to which exports of software of similar capability are
permitted for use by financial institutions not controlled in
fact by United States persons, unless there is substantial
evidence that such software will be--
''(A) diverted to a military end-use or an end-use
supporting international terrorism;
''(B) modified for military or terrorist end-use;
or
''(C) reexported without any authorization by the
United States that may be required under this Act.
''(4) Hardware with encryption capabilities.--The Secretary
shall authorize the export or reexport of computer hardware
with encryption capabilities if the Secretary determines that a
product offering comparable security is commercially available
outside the United States from a foreign supplier, without
effective restrictions.
''(5) Definitions.--As used in this subsection--
''(A) the term 'encryption' means the scrambling of
wire or electronic information using mathematical
formulas or algorithms in order to preserve the
confidentiality, integrity, or authenticity of, and
prevent unauthorized recipients from accessing or
altering, such information;
''(B) the term 'generally available' means, in the
case of software (including software with encryption
capabilities), software that is offered for sale,
license, or transfer to any person without restriction,
whether or not for consideration, including, but not
limited to, over-the-counter retail sales, mail order
transactions, phone order transactions, electronic
distribution, or sale on approval;
''(C) the term 'as is' means, in the case of
software (including software with encryption
capabilities), a software program that is not designed,
developed, or tailored by the software publisher for
specific purchasers, except that such purchasers may
supply certain installation parameters needed by the
software program to function properly with the
purchaser's system and may customize the software
program by choosing among options contained in the
software program;
''(D) the term 'is designed for installation by the
purchaser' means, in the case of software (including
software with encryption capabilities) that--
''(i) the software publisher intends for
the purchaser (including any licensee or
transferee), who may not be the actual program
user, to install the software program on a
computing device and has supplied the necessary
instructions to do so, except that the
publisher may also provide telephone help line
services for software installation, electronic
transmission, or basic operations; and
''(ii) the software program is designed for
installation by the purchaser without further
substantial support by the supplier;
''(E) the term 'computing device' means a device
which incorporates one or more microprocessor-based
central processing units that can accept, store,
process, or provide output of data; and
''(F) the term 'computer hardware', when used in
conjunction with information security, includes, but is
not limited to, computer systems, equipment,
application-specific assemblies, modules, and
integrated circuits.''.
(b) Continuation of Export Administration Act.--For purposes of
carrying out the amendment made by subsection (a), the Export
Administration Act of 1979 shall be deemed to be in effect.

Ex Output:
Security and Freedom Through Encryption (SAFE) Act - Amends the Federal criminal code to permit any person within any State, and any U.S. person in a foreign country, to use any encryption regardless of the encryption algorithm selected, encryption key length chosen, or implementation technique or medium used, with an exception for the unlawful use of encryption in furtherance of a criminal act.
Allows any person within any State to sell in interstate commerce any encryption.
Specifies that no person in lawful possession of a key to encrypted information may be required by Federal or State law to relinquish to another person control of that key, with an exception for access for law enforcement purposes.
Sets penalties for the willful use of encryption in furtherance of the commission of a criminal offense.
(Sec. 3) Amends the Export Administration Act of 1979 to grant the Secretary of Commerce exclusive authority to control exports of all hardware, software, and technology for information security (including encryption), except that which is specifically designed or modified for military use.
Prohibits requiring any validated license (with limited exceptions pursuant to the Trading With The Enemy Act or the International Emergency Economic Powers Act) for the export or reexport of any: (1) software, including software with encryption capabilities that is generally available as is and that is designed for installation by the purchaser, or that is in the public domain for which copyright or other protection is not available or is available to the public because it is generally accessible to the public in any form; or (2) computing device solely because it incorporates or employs in any form software (including software with encryption capabilities) exempted from any requirement for a validated license under this section.
Directs the Secretary to authorize the export or reexport of: (1) software with encryption capabilities for nonmilitary end-uses in any country to which exports of software of similar capability are permitted for use by financial institutions not controlled in fact by U.S. persons, unless there is substantial evidence that such software will be diverted to a military end-use or an end-use supporting international terrorism, modified for military or terrorist end-use, or reexported without any U.S. authorization that may be required under the Act; and (2) computer hardware with encryption capabilities if the Secretary determines that a product offering comparable security is commercially available outside the United States from a foreign supplier without effective restrictions.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Significant Regulation Oversight Act
of 2001''.

SEC. 2. FINDING AND PURPOSE.

(a) Finding.--The Congress finds that oversight of significant
rules will be enhanced if they are subject to congressional review and
approval after being proposed by an agency.
(b) Purpose.--The purpose of this Act is to ensure that before a
significant rule takes effect--
(1) Congress is given an adequate opportunity to review the
rule and ensure that it is in accordance with the intent of
Congress in enacting the law under which the rule is proposed;
and
(2) Congress approves the rule in accordance with the
procedures established by this Act.

SEC. 3. REVIEW OF SIGNIFICANT RULES BY CONGRESS.

(a) Congressional Approval of Significant Rules Required.--A
significant rule shall not take effect before the date of the enactment
of a joint resolution described in section 4(a) comprised solely of the
text of the significant rule.
(b) Reporting and Review of Significant Rules.--(1) Before a
proposed significant rule would take effect as a final rule, the agency
proposing the rule shall submit to each House of Congress a report
containing the following:
(A) A copy of the proposed significant rule.
(B) A concise summary of the proposed significant rule, its
purpose, and anticipated effects.
(C) A complete copy of any cost-benefit analysis report
that has been prepared by the agency with respect to the
proposed significant rule.
(D) An explanation of the specific statutory interpretation
under which a rule is proposed, including an explanation of--
(i) whether the interpretation is expressly
required by the text of the statute; or
(ii) if the interpretation is not expressly
required by the text of the statute, an explanation
that the interpretation is within the range of
permissible interpretations of the statute as
identified by the agency, and an explanation why the
interpretation selected by the agency is the agency's
preferred interpretation.
(E) Any other relevant information or requirements under
any other Act and any relevant Executive order.
(2) Upon receipt of a report under paragraph (1), each House of
Congress shall provide a copy of the report to the Chairman and ranking
minority party member of each committee with jurisdiction over the
subject matter of the report.
(c) No Inference To Be Drawn Where Congress Fails To Approve.--If
Congress fails to enact a joint resolution approving a proposed
significant rule, no court or agency may infer any intent of Congress
from any action or inaction of Congress with regard to such rule or any
related statute.

SEC. 4. CONGRESSIONAL APPROVAL PROCEDURE FOR SIGNIFICANT RULES.

(a) Introduction.--The majority leader of each House of the
Congress shall introduce (by request) a joint resolution comprised
solely of the text of a proposed significant rule not later than 3
session days in the Senate or 3 legislative days in the House of
Representatives after the date on which an agency submits a report
under section 3(b) containing the text of the proposed significant
rule. If the joint resolution is not introduced in either House as
provided in the preceding sentence, then any Member of that House may
introduce the joint resolution.
(b) Referral and Consideration.--(1) The joint resolution shall be
referred to the appropriate committee of the House in which it is
introduced. The committee may report the joint resolution without
substantive revision and with or without recommendation or with an
adverse recommendation, or the committee may vote not to report the
joint resolution. If the committee votes to order the joint resolution
reported, it shall be reported not later than the end of the period
(not to exceed 45 session days in the Senate or 45 legislative days in
the House of Representatives) established for consideration of the
joint resolution by the Speaker of the House of Representatives or the
majority leader of the Senate, as the case may be. Except in the case
of a joint resolution which a committee votes not to report, a
committee failing to report a joint resolution within such period shall
be automatically discharged from consideration of the joint resolution,
and it shall be placed on the appropriate calendar.
(2) A vote on final passage of the joint resolution shall be taken
in that House on or before the close of the 90th session day in the
Senate or 90th legislative day in the House of Representatives after
the date of the introduction of the joint resolution in that House.
(3)(A) A motion in the House of Representatives to proceed to the
consideration of a joint resolution under this section shall be highly
privileged and not debatable. An amendment to the motion shall not be
in order, nor shall it be in order to move to reconsider the vote by
which the motion is agreed to or disagreed to.
(B) Debate in the House of Representatives on a joint resolution
under this section shall be limited to not more than 4 hours, which
shall be divided equally between those favoring and those opposing the
joint resolution. A motion further to limit debate shall not be
debatable. It shall not be in order to move to recommit a joint
resolution under this section or to move to reconsider the vote by
which the joint resolution is agreed to or disagreed to.
(C) All appeals from the decisions of the chair relating to the
application of the Rules of the House of Representatives to the
procedure relating to a joint resolution under this section shall be
decided without debate.
(D) Except to the extent specifically provided in the preceding
provisions of this subsection, consideration of a joint resolution
under this section shall be governed by the Rules of the House of
Representatives applicable to other joint resolutions in similar
circumstances.
(4)(A) A motion in the Senate to proceed to the consideration of a
joint resolution under this section shall be privileged and not
debatable. An amendment to the motion shall not be in order, nor shall
it be in order to move to reconsider the vote by which the motion is
agreed to or disagreed to.
(B) Debate in the Senate on a joint resolution under this section,
and all debatable motions and appeals in connection therewith, shall be
limited to not more than 10 hours. The time shall be equally divided
between, and controlled by, the majority leader and the minority leader
or their designees.
(C) Debate in the Senate on any debatable motion or appeal in
connection with a joint resolution under this section shall be limited
to not more than 1 hour, to be equally divided between, and controlled
by, the mover and the manager of the joint resolution, except that in
the event the manager of the joint resolution is in favor of any such
motion or appeal, the time in opposition thereto, shall be controlled
by the minority leader or his designee. Such leaders, or either of
them, may, from time under their control on the passage of a joint
resolution, allot additional time to any Senator during the
consideration of any debatable motion or appeal.
(D) A motion in the Senate to further limit debate on a joint
resolution under this section is not debatable. A motion to recommit a
joint resolution under this section is not in order.
(c) Amendments Prohibited.--No amendment to a joint resolution
considered under this section shall be in order in either the House of
Representatives or the Senate. No motion to suspend the application of
this subsection shall be in order in either House, nor shall it be in
order in either House for the presiding officer to entertain a request
to suspend the application of this subsection by unanimous consent.
(d) Treatment if the Other House Has Acted.--If, before the passage
by one House of a joint resolution of that House described in
subsection (a), that House receives from the other House a joint
resolution described in subsection (a) comprised of the same text,
then--
(1) the procedure in that House shall be the same as if no
joint resolution had been received from the other House, and
(2) the vote on final passage shall be on the joint
resolution of the other House.
(e) Constitutional Authority.--This section is enacted by
Congress--
(1) as an exercise of the rulemaking power of the Senate
and the House of Representatives, respectively, and as such it
is deemed a part of the rules of each House, respectively, but
applicable only with respect to the procedure to be followed in
that House in the case of a joint resolution described in
subsection (a), and it supersedes other rules only to the
extent that it is inconsistent with such rules; and
(2) with full recognition of the constitutional right of
either House to change the rules (so far as relating to the
procedure of that House) at any time, in the same manner, and to the
same extent as in the case of any other rule of that House.

SEC. 5. EXISTING RULES.

(a) In General.--Any existing rule may be revised or revoked in
accordance with this section if a petition for review so requests.
(b) Introduction.--If a petition for review is filed with the Clerk
of the House of Representatives or the Secretary of the Senate, the
Clerk or the Secretary shall determine whether the petition meets the
requirements of subsection (d). If the Clerk or the Secretary
determines that a petition meets those requirements, he or she shall
notify the majority leader of that House. The majority leader so
notified shall, within 3 session days in the Senate or 3 legislative
days in the House of Representatives, introduce a joint resolution (by
request) that makes the revision or revocation of existing rules
proposed by the petition upon the enactment of that joint resolution.
If the joint resolution is not introduced as provided in the preceding
sentence, then any Member of that House may introduce the joint
resolution.
(c) Procedures for Consideration in the House of Representatives
and the Senate.--Any joint resolution introduced under subsection (b)
shall be considered in the House of Representatives and the Senate in
accordance with the procedures respecting a joint resolution set forth
in section 4.
(d) Petitions for Review.--A petition for review under subsection
(a) shall contain the following:
(1) Any rule affected by the petition and the contents of
that rule as it would exist if a joint resolution revising or
revoking that rule pursuant to the petition were enacted.
(2) For a petition in the Senate, the signatures of 30
Senators, or for a petition in the House of Representatives,
the signatures of 120 Members.

SEC. 6. DEFINITIONS.

For purposes of this Act:
(1) Agency.--The term ''agency'' has the meaning given that
term in section 551 of title 5, United States Code (relating to
administrative procedure).
(2) Session day and legislative day.--The terms ''session
day'' and ''legislative day'' do not include, with respect to a
House of the Congress, any day throughout which that House is
not in session.
(3) Rule.--(A) The term ''rule'' has the meaning given such
term by section 551 of title 5, United States Code, except that
such term does not include--
(i) any rule of particular applicability including
a rule that approves or prescribes--
(I) future rates, wages, prices, services,
or allowances therefor,
(II) corporate or financial structures,
reorganizations, mergers, or acquisitions
thereof, or
(III) accounting practices or disclosures
bearing on any of the foregoing, or
(ii) any rule of agency organization, personnel,
procedure, practice, or any routine matter.
(B) The term ''final rule'' means any final rule or interim
final rule.
(4) Significant rule.--The term ''significant rule'' means
any rule proposed by an agency that is specified or described
as such in the Act that authorizes the rule.

SEC. 7. EXEMPTION FOR MONETARY POLICY.

Nothing in this Act applies to any rule concerning monetary policy
proposed or implemented by the Board of Governors of the Federal
Reserve System or the Federal Open Market Committee.

Ex Output:
Significant Regulation Oversight Act of 2001 - Prohibits a significant rule from taking effect before the enactment of a joint resolution described in this Act comprising solely of the text of such rule. Calls for congressional reporting and review of significant rules before they take effect as final rules.Provides that, if Congress fails to enact a joint resolution approving the proposed rule, no court or agency may infer any intent of Congress from any action or inaction with regard to such rule or any related statute.Sets forth: (1) the congressional approval procedure for significant rules; and (2) provisions with respect to revising or revoking an existing rule.Exempts from this Act rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.

Ex Input:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Katrina Housing Tax Relief Act of
2007''.

SEC. 2. EXTENSION AND EXPANSION OF LOW-INCOME HOUSING CREDIT RULES FOR
BUILDINGS IN THE GO ZONES.

(a) Time for Making Low-Income Housing Credit Allocations.--
Subsection (c) of section 1400N of the Internal Revenue Code of 1986
(relating to low-income housing credit) is amended by redesignating
paragraph (5) as paragraph (6) and by inserting after paragraph (4) the
following new paragraph:
''(5) Time for making low-income housing credit
allocations.--Section 42(h)(1)(B) shall not apply to an
allocation of housing credit dollar amount to a building
located in the Gulf Opportunity Zone, the Rita GO Zone, or the
Wilma GO Zone, if such allocation is made in 2006, 2007, or
2008, and such building is placed in service before January 1,
2011.''.
(b) Extension of Period for Treating GO Zones as Difficult
Development Areas.--
(1) In general.--Subparagraph (A) of section 1400N(c)(3) of
such Code is amended by striking ''2006, 2007, or 2008'' and
inserting ''the period beginning on January 1, 2006, and ending
on December 31, 2010''.
(2) Conforming amendment.--Clause (ii) of section
1400N(c)(3)(B) of such Code is amended by striking ''such
period'' and inserting ''the period described in subparagraph
(A)''.
(c) Community Development Block Grants Not Taken Into Account in
Determining if Buildings Are Federally Subsidized.--Subsection (c) of
section 1400N of such Code (relating to low-income housing credit), as
amended by this Act, is amended by redesignating paragraph (6) as
paragraph (7) and by inserting after paragraph (5) the following new
paragraph:
''(6) Community development block grants not taken into
account in determining if buildings are federally subsidized.--
For purpose of applying section 42(i)(2)(D) to any building
which is placed in service in the Gulf Opportunity Zone, the
Rita GO Zone, or the Wilma GO Zone during the period beginning
on January 1, 2006, and ending on December 31, 2010, a loan
shall not be treated as a below market Federal loan solely by
reason of any assistance provided under section 106, 107, or
108 of the Housing and Community Development Act of 1974 by
reason of section 122 of such Act or any provision of the
Department of Defense Appropriations Act, 2006, or the
Emergency Supplemental Appropriations Act for Defense, the
Global War on Terror, and Hurricane Recovery, 2006.''.

SEC. 3. SPECIAL TAX-EXEMPT BOND FINANCING RULE FOR REPAIRS AND
RECONSTRUCTIONS OF RESIDENCES IN THE GO ZONES.

Subsection (a) of section 1400N of the Internal Revenue Code of
1986 (relating to tax-exempt bond financing) is amended by adding at
the end the following new paragraph:
''(7) Special rule for repairs and reconstructions.--
''(A) In general.--For purposes of section 143 and
this subsection, any qualified GO Zone repair or
reconstruction shall be treated as a qualified
rehabilitation.
''(B) Qualified go zone repair or reconstruction.--
For purposes of subparagraph (A), the term 'qualified
GO Zone repair or reconstruction' means any repair of
damage caused by Hurricane Katrina, Hurricane Rita, or
Hurricane Wilma to a building located in the Gulf
Opportunity Zone, the Rita GO Zone, or the Wilma GO
Zone (or reconstruction of such building in the case of
damage constituting destruction) if the expenditures
for such repair or reconstruction are 25 percent or
more of the mortgagor's adjusted basis in the
residence. For purposes of the preceding sentence, the
mortgagor's adjusted basis shall be determined as of
the completion of the repair or reconstruction or, if
later, the date on which the mortgagor acquires the
residence.
''(C) Termination.--This paragraph shall apply only
to owner-financing provided after the date of the
enactment of this paragraph and before January 1,
2011.''.

SEC. 4. 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.

(a) In General.--The Comptroller General of the United States shall
conduct a study of the practices employed by State and local
governments, and subdivisions thereof, in allocating and utilizing tax
incentives provided pursuant to the Gulf Opportunity Zone Act of 2005
and this Act.
(b) Submission of Report.--Not later than one year after the date
of the enactment of this Act, the Comptroller General shall submit a
report on the findings of the study conducted under subsection (a) and
shall include therein recommendations (if any) relating to such
findings. The report shall be submitted to the Committee on Ways and
Means of the House of Representatives and the Committee on Finance of
the Senate.
(c) Congressional Hearings.--In the case that the report submitted
under this section includes findings of significant fraud, waste or
abuse, each Committee specified in subsection (b) shall, within 60 days
after the date the report is submitted under subsection (b), hold a
public hearing to review such findings.

SEC. 5. MODIFICATION OF COLLECTION DUE PROCESS PROCEDURES FOR
EMPLOYMENT TAX LIABILITIES.

(a) In General.--Section 6330(f) of the Internal Revenue Code of
1986 (relating to jeopardy and State refund collection) is amended--
(1) by striking ''; or'' at the end of paragraph (1) and
inserting a comma,
(2) by adding ''or'' at the end of paragraph (2), and
(3) by inserting after paragraph (2) the following new
paragraph:
''(3) the Secretary has served a disqualified employment
tax levy,''.
(b) Disqualified Employment Tax Levy.--Section 6330 of such Code
(relating to notice and opportunity for hearing before levy) is amended
by adding at the end the following new subsection:
''(h) Disqualified Employment Tax Levy.--For purposes of subsection
(f), a disqualified employment tax levy is any levy in connection with
the collection of employment taxes for any taxable period if--
''(1) the person subject to the levy (or any predecessor
thereof) requested a hearing under this section with respect to
unpaid employment taxes arising in the most recent 2-year
period before the beginning of the taxable period with respect
to which the levy is served, and
''(2) such levy is served before February 29, 2016.
For purposes of the preceding sentence, the term 'employment taxes'
means any taxes under chapter 21, 22, 23, or 24.''.
(c) Effective Date.--The amendments made by this section shall
apply to levies served on or after the date that is 120 days after the
date of the enactment of this Act.

SEC. 6. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.

Subparagraph (B) of section 401(1) of the Tax Increase Prevention
and Reconciliation Act of 2005 is amended by striking ''106.25
percent'' and inserting ''106.45 percent''.

Passed the House of Representatives March 27, 2007.

Attest:

LORRAINE C. MILLER,

Clerk.

Ex Output:
Katrina Housing Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) qualify certain buildings in the Gulf Opportunity Zone, the Rita Go Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for the housing tax credit without regard to certain otherwise applicable restrictions if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008; (2) extend through 2010 the treatment of such Go Zones as difficult development areas for purposes of the increased housing tax credit; (3) exclude certain assistance provided under the Housing and Community Development Act of 1974 (e.g., community development block grants), the Department of Defense Appropriations Act, 2006, or the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006, in determining whether Go Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such tax credit; and (4) treat qualified GO Zone repair and reconstruction loans provided prior to January 1, 2011, as qualified rehabilitation loans for purposes of the tax exemption for exempt facility and mortgage bonds.

Directs the Comptroller General to study and report to the House Ways and Means Committee and the Senate Finance Committee on state and local practices in allocating and utilizing tax incentives provided by this Act. Requires such committees to hold public hearings if the report includes findings of significant fraud, waste or abuse.

Denies a pre-levy hearing to taxpayers upon whom the Secretary of the Treasury has served a disqualified employment tax levy. Defines a "disqualified employment tax levy" as any levy in connection with the collection of employment taxes if: (1) the person subject to the levy requested a hearing with respect to unpaid employment taxes arising in the most recent two-year period before the beginning of the taxable period with respect to which the levy is served; and (2) such levy is served before February 29, 2016.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase from 106.25% to 106.45% the estimated tax rate in the third quarter of 2012 for corporations with assets of not less than $1 billion.