Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE; ETC.

(a) Short Title.--This Act may be cited as the ''Work, Hope, and
Opportunity for the Disaster Area Today Act''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.

SEC. 2. REDUCTION IN INCOME TAX WITHHOLDING DEPOSITS TO REFLECT FICA
PAYROLL TAX CREDIT FOR CERTAIN EMPLOYERS LOCATED IN
SPECIFIED PORTIONS OF THE GO ZONE DURING 2007.

(a) General Rule.--In the case of any applicable calendar quarter--
(1) the aggregate amount of required income tax deposits of
an eligible employer for the calendar quarter following the
applicable calendar quarter shall be reduced by the payroll tax
credit equivalent amount for the applicable calendar quarter,
and
(2) the amount of any deduction allowable to the eligible
employer under chapter 1 of the Internal Revenue Code of 1986
for taxes paid under section 3111 of such Code with respect to
employment during the applicable calendar quarter shall be
reduced by such payroll tax credit equivalent amount.
For purposes of the Internal Revenue Code of 1986, an eligible employer
shall be treated as having paid, and an eligible employee shall be
treated as having received, any wages or compensation deducted and
withheld but not deposited by reason of paragraph (1).
(b) Carryovers of Unused Amounts.--If the payroll tax credit
equivalent amount for any applicable calendar quarter exceeds the
required income tax deposits for the following calendar quarter--
(1) such excess shall be added to the payroll tax credit
equivalent amount for the next applicable calendar quarter, and
(2) in the case of the last applicable calendar quarter,
such excess shall be used to reduce required income tax
deposits for any succeeding calendar quarter until such excess
is used.
(c) Payroll Tax Credit Equivalent Amount.--For purposes of this
section--
(1) In general.--The term ''payroll tax credit equivalent
amount'' means, with respect to any applicable calendar
quarter, an amount equal to 7.65 percent of the aggregate
amount of wages or compensation--
(A) paid or incurred by the eligible employer with
respect to employment of eligible employees during the
applicable calendar quarter, and
(B) subject to the tax imposed by section 3111 of
the Internal Revenue Code of 1986.
(2) Trade or business requirement.--A rule similar to the
rule of section 51(f) of such Code shall apply for purposes of
this section.
(3) Limitation on wages subject to credit.--For purposes of
this subsection, only wages and compensation of an eligible
employee in an applicable calendar quarter, when added to such
wages and compensation for any preceding applicable calendar
quarter, not exceeding $15,000 shall be taken into account with
respect to such employee.
(d) Eligible Employer; Eligible Employee.--For purposes of this
section--
(1) Eligible employer.--
(A) In general.--The term ''eligible employer''
means any employer which conducts an active trade or
business in one or more specified portions of the GO
Zone and employs not more than 100 full-time employees
on the date of the enactment of this Act.
(B) Specified portions of the go zone.--The term
''specified portions of the GO Zone'' has the meaning
given such term by section 1400N(d)(6)(C) of the
Internal Revenue Code of 1986.
(2) Eligible employee.--The term ''eligible employee''
means with respect to an eligible employer an employee whose
principal place of employment with such eligible employer is in
one or more specified portions of the GO Zone. Such term shall
not include an employee described in section 401(c)(1)(A).
(e) Applicable Calendar Quarter.--For purposes of this section, the
term ''applicable calendar quarter'' means any of the 4 calendar
quarters beginning in 2007.
(f) Special Rules.--For purposes of this section--
(1) Required income tax deposits.--The term ''required
income tax deposits'' means deposits an eligible employer is
required to make under section 6302 of the Internal Revenue
Code of 1986 of taxes such employer is required to deduct and
withhold under section 3402 of such Code.
(2) Aggregation rules.--Rules similar to the rules of
subsections (a) and (b) of section 52 of the Internal Revenue
Code of 1986 shall apply.
(3) Employers not on quarterly system.--The Secretary of
the Treasury shall prescribe rules for the application of this
section in the case of an eligible employer whose required
income tax deposits are not made on a quarterly basis.
(4) Adjustments for certain acquisitions, etc.--Under
regulations prescribed by the Secretary--
(A) Acquisitions.--If, after December 31, 2006, an
employer acquires the major portion of a trade or
business of another person (hereafter in this paragraph
referred to as the ''predecessor'') or the major
portion of a separate unit of a trade or business of a
predecessor, then, for purposes of applying this
section for any calendar quarter ending after such
acquisition, the amount of wages or compensation deemed
paid by the employer during periods before such
acquisition shall be increased by so much of such wages
or compensation paid by the predecessor with respect to
the acquired trade or business as is attributable to
the portion of such trade or business acquired by the
employer.
(B) Dispositions.--If, after December 31, 2006--
(i) an employer disposes of the major
portion of any trade or business of the
employer or the major portion of a separate
unit of a trade or business of the employer in
a transaction to which paragraph (1) applies,
and
(ii) the employer furnishes the acquiring
person such information as is necessary for the
application of subparagraph (A),
then, for purposes of applying this section for any
calendar quarter ending after such disposition, the
amount of wages or compensation deemed paid by the
employer during periods before such disposition shall
be decreased by so much of such wages as is
attributable to such trade or business or separate
unit.
(5) Other rules.--
(A) Government employers.--This section shall not
apply if the employer is the Government of the United
States, the government of any State or political
subdivision of the State, or any agency or
instrumentality of any such government.
(B) Treatment of other entities.--Rules similar to
the rules of subsections (d) and (e) of section 52 of
such Code shall apply for purposes of this section.

SEC. 3. BONUS BUSINESS TRAVEL DEDUCTION IN SPECIFIED PORTIONS OF THE GO
ZONE.

(a) In General.--Section 274(n)(2) (relating to exceptions) is
amended by striking ''or'' at the end of subparagraph (D), by striking
the period at the end of subparagraph (E)(iv) and inserting '', or'',
and by inserting after subparagraph (E)(iv) the following new
subparagraph:
''(F) such expense is for goods, services, or
facilities made available before January 1, 2010, in
one or more specified portions of the GO Zone (as
defined in section 1400N(d)(6)(C).''.
(b) Effective Date.--The amendments made by this section shall
apply to expenses paid or incurred after the date of the enactment of
this Act, in taxable years ending after such date.

SEC. 4. EXTENSION OF INCREASED EXPENSING FOR QUALIFIED SECTION 179 GULF
OPPORTUNITY ZONE PROPERTY LOCATED IN SPECIFIED PORTIONS
OF THE GO ZONE.

Paragraph (2) of section 1400N(e) (relating to qualified section
179 Gulf Opportunity Zone property) is amended--
(1) by striking ''this subsection, the term'' and inserting
''this subsection--
''(A) In general.--The term'', and
(2) by adding at the end the following new subparagraph:
''(B) Extension for certain property.--In the case
of property substantially all of the use of which is in
one or more specified portions of the GO Zone (as
defined in subsection (d)(6)(C)), such term shall
include section 179 property (as so defined) which is
described in subsection (d)(2), determined--
''(i) without regard to subsection (d)(6),
and
''(ii) by substituting, in subparagraph
(A)(v) thereof--
''(I) '2009' for '2007', and
''(II) '2009' for '2008'.''.

SEC. 5. EXTENSION OF WORK OPPORTUNITY TAX CREDIT FOR HURRICANE KATRINA
EMPLOYEES HIRED BY SMALL BUSINESSES LOCATED IN SPECIFIED
PORTIONS OF THE GO ZONE.

(a) In General.--Section 201(b)(1) of the Katrina Emergency Tax
Relief Act of 2005 (Public Law 109-73) is amended by striking ''who is
hired during the 2-year period'' and all that follows and inserting
''who--
''(A) is hired during the 2-year period beginning
on such date for a position the principal place of
employment which is located in the core disaster area,
or
''(B) is hired--
''(i) during the period beginning on the
date of the enactment of the Work, Hope,
Opportunity, and Disaster Area Tax Act of 2007
and ending before January 1, 2010, for a
position the principal place of employment
which is located in one or more specified
portions of the GO Zone (as defined in
subsection 1400N(d)(6)(C) of the Internal
Revenue Code of 1986), and
''(ii) by an employer who has no more than
100 employees on the date such individual is
hired, and''.
(b) Effective Date.--The amendment made by this section take effect
as if included in section 201 of the Katrina Emergency Tax Relief Act
of 2005.

SEC. 6. EXTENSION AND MODIFICATION OF 15-YEAR STRAIGHT-LINE COST
RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND
QUALIFIED RESTAURANT IMPROVEMENTS LOCATED IN SPECIFIED
PORTIONS OF THE GO ZONE; 15-YEAR STRAIGHT-LINE COST
RECOVERY FOR CERTAIN IMPROVEMENTS TO RETAIL SPACE LOCATED
IN SPECIFIED PORTIONS OF THE GO ZONE.

(a) Extension of Leasehold and Restaurant Improvements.--
(1) In general.--Clauses (iv) and (v) of section
168(e)(3)(E) (relating to 15-year property) are each amended by
striking ''January 1, 2008'' and inserting ''January 1, 2008
(January 1, 2009, in the case of property placed in service in
one or more specified portions of the GO Zone (as defined in
subsection 1400Nd)(6)(C))''.
(2) Effective date.--The amendment made by this subsection
shall apply to property placed in service after December 31,
2007.
(b) Modification of Treatment of Qualified Restaurant Property as
15-Year Property for Purposes of Depreciation Deduction.--
(1) Treatment to include new construction.--Paragraph (7)
of section 168(e) (relating to classification of property) is
amended to read as follows:
''(7) Qualified restaurant property.--
''(A) In general.--Except as provided in
subparagraph (B), the term 'qualified restaurant
property' means any section 1250 property which is an
improvement to a building if--
''(i) such improvement is placed in service
more than 3 years after the date such building
was first placed in service, and
''(ii) more than 50 percent of the
building's square footage is devoted to
preparation of, and seating for on-premises
consumption of, prepared meals.
''(B) Property located in certain areas of go
zone.--In the case of property placed in service in one
or more specified portions of the GO Zone (as defined
in subsection 1400Nd)(6)(C)), such term means any
section 1250 property which is a building (or its
structural components) or an improvement to such
building if more than 50 percent of such building's
square footage is devoted to preparation of, and
seating for on-premises consumption of, prepared
meals.''.
(2) Effective date.--The amendment made by this subsection
shall apply to any property placed in service after the date of
the enactment of this Act.
(c) Recovery Period for Depreciation of Certain Improvements to
Retail Space.--
(1) 15-year recovery period.--Section 168(e)(3)(E)
(relating to 15-year property) is amended by striking ''and''
at the end of clause (vii), by striking the period at the end
of clause (viii) and inserting '', and'', and by adding at the
end the following new clause:
''(ix) any qualified retail improvement
property placed in service before January 1,
2009, in one or more specified portions of the
GO Zone (as defined in subsection
1400Nd)(6)(C).''.
(2) Qualified retail improvement property.--Section 168(e)
is amended by adding at the end the following new paragraph:
''(8) Qualified retail improvement property.--
''(A) In general.--The term 'qualified retail
improvement property' means any improvement to an
interior portion of a building which is nonresidential
real property if--
''(i) such portion is open to the general
public and is used in the retail trade or
business of selling tangible personal property
to the general public, and
''(ii) such improvement is placed in
service more than 3 years after the date the
building was first placed in service.
''(B) Improvements made by owner.--In the case of
an improvement made by the owner of such improvement,
such improvement shall be qualified retail improvement
property (if at all) only so long as such improvement
is held by such owner. Rules similar to the rules under
paragraph (6)(B) shall apply for purposes of the
preceding sentence.
''(C) Certain improvements not included.--Such term
shall not include any improvement for which the
expenditure is attributable to--
''(i) the enlargement of the building,
''(ii) any elevator or escalator,
''(iii) any structural component
benefitting a common area, or
''(iv) the internal structural framework of
the building.''.
(3) Requirement to use straight line method.--Section
168(b)(3) is amended by adding at the end the following new
subparagraph:
''(I) Qualified retail improvement property
described in subsection (e)(8).''.
(4) Alternative system.--The table contained in section
168(g)(3)(B) is amended by inserting after the item relating to
subparagraph (E)(viii) the following new item:

''(E)(ix).................................................. 39''.

(5) Effective date.--The amendments made by this section
shall apply to property placed in service after the date of the
enactment of this Act.
A:
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.