S.538 - Federal Government - A bill to reduce income tax withholding deposits to reflect a FICA payroll tax credit for certain employers located in specified portions of the GO Zone, and for other purposes.

A bill to reduce income tax withholding deposits to reflect a FICA payroll tax credit for certain employers located in specified portions of the GO Zone, and for other purposes. 2/8/2007--Introduced. 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 [...]

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