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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.
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.