[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2133 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2133

To provide support for small business concerns, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2007

     Mr. Allen (for himself, Mr. McHugh, Mr. Patrick J. Murphy of 
 Pennsylvania, and Ms. Eddie Bernice Johnson of Texas) introduced the 
following bill; which was referred to the Committee on Ways and Means, 
  and in addition to the Committees on Small Business and Science and 
Technology, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
To provide support for small business concerns, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be referred to as the ``Small Business Investment and 
Promotion Act of 2007''.

SEC. 2. TEMPORARY CREDIT AGAINST INCOME TAX FOR SMALL BUSINESSES, 
              FARMERS, AND FISHERMEN TO OFFSET HIGH FUEL COSTS.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business-related 
credits) is amended by inserting after section 45N the following new 
section:

``SEC. 45O. TEMPORARY CREDIT FOR SMALL BUSINESSES, FARMERS, AND 
              FISHERMEN TO OFFSET HIGH FUEL COSTS.

    ``(a) Allowance of Credit.--In the case of an eligible taxpayer, 
the excessive fuel cost credit determined under this section is an 
amount equal to the excessive fuel cost paid or incurred by the 
taxpayer during the taxable year for any creditable fuel used in any 
trade or business of the taxpayer.
    ``(b) Excessive Fuel Cost.--For purposes of this section--
            ``(1) In general.--The term `excessive fuel cost' means, 
        with respect to any creditable fuel, the excess (if any) of--
                    ``(A) the amount paid or incurred by the taxpayer 
                for such fuel, over
                    ``(B) the adjusted base price for such fuel.
            ``(2) Adjusted base price.--
                    ``(A) In general.--The term `adjusted base price' 
                means, with respect to any creditable fuel, the amount 
                determined by the Secretary to be the applicable Labor 
                Day 2004 price for such fuel adjusted for inflation.
                    ``(B) Applicable price.--The applicable Labor Day 
                2004 price for any fuel is the average price for such 
                fuel for the region in which the taxpayer purchased 
                such fuel (as determined using data of the Energy 
                Information Agency of the Department of Energy).
                    ``(C) Inflation adjustment.--The inflation 
                adjustment shall be determined under the principles of 
                section 1(f); except that, the Secretary shall use 
                estimates of the monthly Consumer Price Index (as 
                defined in such section) where possible to more closely 
                reflect current inflation.
    ``(c) Eligible Taxpayer.--For purposes of this section--
            ``(1) In general.--The term `eligible taxpayer' means any 
        person engaged in a trade or business if--
                    ``(A) such trade or business is--
                            ``(i) a farming business (as defined in 
                        section 263A(e)(4)), or
                            ``(ii) commercial fishing (as defined in 
                        section 3 of the Magnuson-Stevens Fishery 
                        Conservation and Management Act (16 U.S.C. 
                        1802)), or
                    ``(B) such person is a small business.
            ``(2) Small business.--The term `small business' means a 
        trade or business that employs an annual average of not more 
        than 50 employees.
            ``(3) Creditable fuel.--The term `creditable fuel' means--
                    ``(A) gasoline,
                    ``(B) diesel fuel,
                    ``(C) heating oil, and
                    ``(D) natural gas.
    ``(d) Adjustment of Standard Mileage Rate.--An eligible taxpayer 
may elect, in lieu of the credit under this section, a standard mileage 
allowance under section 162 equal to 60 cents for each mile traveled 
during the period described in subsection (e). The Secretary shall 
modify the standard mileage rate under the preceding sentence to the 
extent that 60 cents does not accurately reflect that value of the 
credit under this section.
    ``(e) Application of Section.--This section shall apply to fuels 
purchased during the 2-year period beginning on the date of the 
enactment of this section.''.
    (b) Credit To Be Part of General Business Credit.--Subsection (b) 
of section 38 of such Code is amended by striking ``plus'' at the end 
of paragraph (30), by striking the period at the end of paragraph (31) 
and inserting ``, plus'', and by adding at the end the following new 
paragraph:
            ``(32) in the case of an eligible taxpayer (as defined in 
        section 45O(c)), the excessive fuel cost credit determined 
        under section 45O(a).''.
    (c) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 45N the following new 
item:

``Sec. 45O. Temporary credit for small businesses, farmers, and 
                            fishermen to offset high fuel costs''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. PERMANENT EXTENSION OF RESEARCH CREDIT.

    (a) In General.--Section 41 of the Internal Revenue Code of 1986 
(relating to credit for increasing research activities) is amended by 
striking subsection (h).
    (b) Conforming Amendment.--Paragraph (1) of section 45C(b) of such 
Code is amended by striking subparagraph (D).
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after the date of the enactment of 
this Act.

SEC. 4. TREATMENT OF QUALIFIED RESTAURANT PROPERTY, QUALIFIED RETAIL 
              IMPROVEMENT PROPERTY, AND CERTAIN SYSTEMS INSTALLED IN 
              NONRESIDENTIAL BUILDINGS AS 15-YEAR PROPERTY FOR PURPOSES 
              OF DEPRECIATION DEDUCTION.

    (a) Qualified Restaurant Property.--Clause (v) of section 
168(e)(3)(E) of the Internal Revenue Code of 1986 (defining 15-year 
property) is amended by striking ``placed in service before January 1, 
2008''.
    (b) Qualified Retail Improvement Property and Certain Systems 
Installed in Nonresidential Buildings.--
            (1) 15-year recovery period.--Subparagraph (E) of section 
        168(e)(3) of the Internal Revenue Code of 1986 (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 a comma, and by adding at the end the 
        following new clauses:
                            ``(ix) any qualified retail improvement 
                        property, and
                            ``(x) any property--
                                    ``(I) which is part of a heating, 
                                ventilation, air conditioning, or 
                                commercial refrigeration system,
                                    ``(II) which is installed on or in 
                                a building which is nonresidential real 
                                property, and
                                    ``(III) the original use of which 
                                commences with the taxpayer.''.
            (2) Definition.--Section 168(e) of such Code (relating to 
        classification of property) 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,
                            ``(ii) such portion is used by a trade or 
                        business that sells tangible personal property 
                        or services to the general public,
                            ``(iii) such trade or business employs an 
                        annual average of not more than 50 employees, 
                        and
                            ``(iv) such improvement is placed in 
                        service more than 3 years after the date the 
                        building was first placed in service.
                    ``(B) 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, or
                            ``(iii) the internal structural framework 
                        of the building.''.
            (3) Requirement to use straight line method.--Paragraph (3) 
        of section 168(b) of such Code (relating to applicable 
        depreciation method) is amended by adding at the end the 
        following new subparagraphs:
                    ``(I) Qualified retail improvement property 
                described in subsection (e)(8).
                    ``(J) Property described in subsection 
                (e)(3)(E)(x).''.
            (4) Alternative system.--The table contained in section 
        168(g)(3)(B) of such Code (relating to special rule for certain 
        property assigned to classes) is amended by inserting after the 
        item relating to subparagraph (E)(viii) the following new 
        items:

``(E)(ix)..................................................         39 
(E)(x).....................................................       25''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after the date of the enactment of 
this Act.

SEC. 5. AUTHORIZATIONS.

    (a) Advanced Technology Program.--There are authorized to be 
appropriated to the Secretary of Commerce for the Advanced Technology 
Program under section 28 of the National Institute of Standards and 
Technology Act (15 U.S.C. 278n) $145,000,000 for fiscal year 2008 and 
$150,000,000 for fiscal year 2009.
    (b) SCORE.--There are authorized to be appropriated for the Service 
Corps of Retired Executives (SCORE) under section 8(b)(1)(B) of the 
Small Business Act (15 U.S.C. 637(b)(1)(B) $8,000,000 for fiscal year 
2008 and $8,500,000 for fiscal year 2009.
    (c) Small Business Development Centers.--There are authorized to be 
appropriated for small business development centers under section 21 of 
the Small Business Act (15 U.S.C. 648) $140,000,000 fiscal year 2008 
and $142,500,000 for fiscal year 2009.
    (d) Manufacturing Extension Partnership.--There are authorized to 
be appropriated to the Secretary of Commerce for the Manufacturing 
Extension Partnership program under sections 25 and 26 of the National 
Institute of Standards and Technology Act (15 U.S.C. 278k and 278l) 
$120,000,000 for fiscal year 2008 and $125,000,000 for fiscal year 
2009.
    (e) Women's Business Centers.--There are authorized to be 
appropriated for the Women's Business Center Program under section 29 
of the Small Business Act (15 U.S.C. 656) $15,500,000 for fiscal year 
2008 and $16,000,000 for fiscal year 2009.

SEC. 6. SENSE OF CONGRESS ON FUNDING FOR SMALL BUSINESS PROGRAMS.

    (a) Funding for 7(a) Loan Program.--It is the sense of Congress 
that Congress should appropriate $79,000,000 for offsetting the cost of 
borrowers participating in the loan program under section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)).
    (b) Funding for Other Programs.--It is the sense of Congress that 
Congress should appropriate funds for the Advanced Technology Program, 
the Service Corps of Retired Executives, the Small Business Development 
Centers, the Manufacturing Extension Partnership, and the Women's 
Business Center Program at the levels authorized under section 4 of 
this Act.

SEC. 7. SMALL BUSINESS CONTRACTING GOAL.

    (a) Application to Contracts Performed Overseas.--Section 15(g)(1) 
of the Small Business Act (15 U.S.C.) is amended in the second sentence 
by inserting ``(including awards for contracts performed outside the 
United States)'' after ``all prime contract awards''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to fiscal years beginning after September 30, 2007.
                                 <all>