121 STAT. 204
PUBLIC LAW 110–28—MAY 25, 2007
SEC. 8247. PENALTY FOR FILING ERRONEOUS REFUND CLAIMS.
(a) IN GENERAL.—Part I of subchapter B of chapter 68 (relating to assessable penalties) is amended by inserting after section 6675 the following new section: ‘‘SEC. 6676. ERRONEOUS CLAIM FOR REFUND OR CREDIT.
‘‘(a) CIVIL PENALTY.—If a claim for refund or credit with respect to income tax (other than a claim for a refund or credit relating to the earned income credit under section 32) is made for an excessive amount, unless it is shown that the claim for such excessive amount has a reasonable basis, the person making such claim shall be liable for a penalty in an amount equal to 20 percent of the excessive amount. ‘‘(b) EXCESSIVE AMOUNT.—For purposes of this section, the term ‘excessive amount’ means in the case of any person the amount by which the amount of the claim for refund or credit for any taxable year exceeds the amount of such claim allowable under this title for such taxable year. ‘‘(c) COORDINATION WITH OTHER PENALTIES.—This section shall not apply to any portion of the excessive amount of a claim for refund or credit which is subject to a penalty imposed under part II of subchapter A of chapter 68.’’. (b) CONFORMING AMENDMENT.—The table of sections for part I of subchapter B of chapter 68 is amended by inserting after the item relating to section 6675 the following new item: ‘‘Sec. 6676. Erroneous claim for refund or credit.’’.
(c) EFFECTIVE DATE.—The amendments made by this section shall apply to any claim filed or submitted after the date of the enactment of this Act.
26 USC 6676 note.
SEC. 8248. 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 ‘‘114.25 percent’’.
26 USC 6655 note. Small Business and Work Opportunity Act of 2007. 15 USC 631 note.
Subtitle C—Small Business Incentives SEC. 8301. SHORT TITLE.
This subtitle may be cited as the ‘‘Small Business and Work Opportunity Act of 2007’’. SEC.
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8302.
ENHANCED COMPLIANCE BUSINESSES.
ASSISTANCE
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(a) IN GENERAL.—Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996 (5 U.S.C. 601 note) is amended by striking subsection (a) and inserting the following: ‘‘(a) COMPLIANCE GUIDE.— ‘‘(1) IN GENERAL.—For each rule or group of related rules for which an agency is required to prepare a final regulatory flexibility analysis under section 605(b) of title 5, United States Code, the agency shall publish 1 or more guides to assist small entities in complying with the rule and shall entitle such publications ‘small entity compliance guides’. ‘‘(2) PUBLICATION OF GUIDES.—The publication of each guide under this subsection shall include—
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