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

This Act may be cited as the ''Simplified Small Business Telephone
Tax Relief Act of 2007''.

SEC. 2. EXTENSION OF FILING PERIOD AND SAFE HARBOR FOR CERTAIN
TAXPAYERS FOR REFUNDS OF THE EXCISE TAX ON TOLL TELEPHONE
SERVICE.

(a) Extension of Filing Deadline.--
(1) In general.--Any overpayment attributable to nontaxable
service billed after February 28, 2003, and before August 1,
2006, may be allowed--
(A) as a credit against any taxes imposed by
subtitle A of the Internal Revenue Code of 1986 for any
taxable year ending after December 30, 2006, and before
January 1, 2008;
(B) as a credit against any taxes imposed by
chapter 21 of such Code for any period ending after the
date of the enactment of this Act and before January 1,
2008; or
(C) as a refund to the taxpayer under such rules as
prescribed by the Secretary.
(2) Social security trust funds held harmless.--The
Secretary of the Treasury shall, from time to time, transfer--
(A) from the general fund to the Federal Old-Age
and Survivors Insurance Trust Fund an amount equal to
the amount credited under paragraph (1)(B) which is
attributable to taxes imposed under sections 3101(a)
and 3111(a) of the Internal Revenue Code of 1986; and
(B) from the general fund to the Federal Hospital
Insurance Trust Fund an amount equal to the amount
credited pursuant to paragraph (1)(B) which is
attributable to taxes imposed under sections 3101(b)
and 3111(b) of such Code.
(b) Safe Harbor.--
(1) In general.--In the case of an overpayment described in
subsection (a) with respect to an eligible taxpayer, at the
election of the taxpayer, in lieu of the actual amount of
nontaxable service billed after February 28, 2003, and before
August 1, 2006, the amount of the overpayment shall be an
amount equal to--
(A) $50 in the case of an eligible taxpayer with an
adjusted gross income for the most recent taxable year
of less than $100,000;
(B) $100 in the case of an eligible taxpayer with
an adjusted gross income for the most recent taxable
year of at least $100,000 but less than $200,000;
(C) $150 in the case of an eligible taxpayer with
an adjusted gross income for the most recent taxable
year of at least $200,000 but less than $300,000;
(D) $200 in the case of an eligible taxpayer with
an adjusted gross income for the most recent taxable
year of at least $300,000 but less than $400,000;
(E) $250 in the case of an eligible taxpayer with
an adjusted gross income for the most recent taxable
year of at least $400,000 but less than $500,000; and
(F) $300 in the case of an eligible taxpayer with
an adjusted gross income for the most recent taxable
year of at least $500,000.
(2) Eligible taxpayer.--For purposes of this subsection,
the term ''eligible taxpayer'' means any taxpayer who--
(A) is--
(i) an entity, or
(ii) an individual who has at least $25,000
of gross income from a trade or business for
the most recent taxable year; and
(B) was billed for nontaxable service for any
period beginning after February 28, 2003, and before
August 1, 2006.
(3) Election.--
(A) In general.--The election made under this
subsection shall be made in such manner as the
Secretary may by regulations prescribe.
(B) Special rule for claims relating to preceding
years.--No election may be made under this subsection
with respect to an overpayment described in subsection
(a) on any claim for a refund or credit filed after the
date of the enactment of this Act if the taxpayer has
previously made a claim for a refund or credit with
respect to such overpayment before such date. The
preceding sentence shall not apply if the claim for a
credit or refund is made on a return amending the claim
filed before the date of the enactment of this Act.
(c) Nontaxable Service.--For purposes of this section, the term
''nontaxable service'' shall have the meaning given to such term under
Internal Revenue Service Notice 2006-50, 2006-25 I.R.B. 1141.
A:
Simplified Small Business Telephone Tax Relief Act of 2007 - Allows an extension through 2007 for filing refunds for excise tax paid on nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006.

Allows taxpayers eligible for such refunds to elect a specified refund amount based on adjusted gross income in lieu of the actual amount of nontaxable toll telephone service billed after February 28, 2003, and before August 1, 2006.