Costs Legislation - Federal Government

Amends the Internal Revenue Code to increase the income tax deduction for business meals and entertainment expenses from 50 to 75% of such expenses in calendar year 2007, and 80% in 2008 and thereafter.

Amends the Internal Revenue Code to make permanent the tax deductions for state and local sales taxes, for certain expenses of elementary and secondary school teachers, and for tuition and related expenses.

Exempts certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to the child tax credit, marriage penalty relief, repeal of the estate tax, and the tax deduction for higher education expenses from the general terminating date of that Act (i.e., December 31, 2010).

Teacher Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable tax deduction for the expenses of elementary and secondary school teachers to $400; (2) allow the deduction of professional development expenses; and (3) make such deduction permanent.

Agricultural Business Security Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a retailer of agricultural products and chemicals or a manufacturer, formulator, or distributor of certain pesticides a business tax credit for 30 percent of costs for or related to the protection of such chemicals or pesticides, including employee security training and background checks, installation of security equipment, and computer network safeguards. Sets a $2 million annual limit on such credit and a per facility limitation of $100,000 (reduced by credits received for the five prior taxable years). Terminates such credit after 2010.

Agricultural Business Security Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a retailer of agricultural products and chemicals or a manufacturer, formulator, or distributor of certain pesticides a business tax credit for 30 percent of costs for or related to the protection of such chemicals or pesticides, including employee security training and background checks, installation of security equipment, and computer network safeguards. Sets a $2 million annual limit on such credit and a per facility limitation of $100,000 (reduced by credits received for the five prior taxable years). Terminates such credit after 2012.

Amends the Internal Revenue Code to exclude from determination of the production period for distilled spirits any period allocated to the natural aging process for purposes of determining whether a taxpayer can expense, rather than capitalize, interest costs paid or incurred during the production period.

Hope Plus Scholarship Act of 2007 - Amends the Internal Revenue Code to include qualified elementary and secondary education expenses within the definition of the term qualified tuition and related expenses for purposes of the Hope Scholarship Tax Credit.

Home Lead Safety Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.

Advocates Dedicated to Older Child Parental Tax Credit (ADOPT) Act of 2007 - Amends the Internal Revenue Code to allow a $2,000 tax credit for costs associated with the adoption of a child who has reached nine years of age before the adoption decree becomes final. Allows the credit each year until such child attains the age of 19.

Teacher Tax Deduction Enhancement Act of 2007 - Amends the Internal Revenue Code to: (1) extend until 2015 the tax deduction for certain expenses of elementary and secondary school educators (i.e., teachers, instructors, counselors, principals, or aides); (2) increase to $500 the allowable amount of such deduction for full-time educators (working at least 900 hours during the school year); and (3) allow such tax deduction for educators in preschool programs.

Home Lead Safety Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.

Dave Thomas Adoption Act of 2007 - Amends the Internal Revenue Code to allow for penalty-free withdrawals from individual retirement plans if used to pay adoption expenses.

Rural Commuters Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers who reside in a rural area of not more than 30,000 people a $100 tax credit for commuting costs in any month in which the cost of gasoline is at least $3 per gallon (high gasoline price month). Allows an additional $100 credit for carpooling during a high gasoline price month. Allows individual taxpayers to claim such deduction whether or not they itemize their other deductions.

Enhancing Education through Tax Relief Act of 2007 - Amends the Internal Revenue Code to extend through 2011: (1) the tax deduction for certain expenses of elementary and secondary school teachers; (2) the expanded tax deduction for charitable contributions of book inventories to public schools; (3) the expanded tax deduction for charitable contributions of computer technology or equipment to schools, charities, and public libraries; (4) the tax credit for holders of qualified zone academy bonds; and (5) the tax deduction for qualified tuition and related expenses.

America's Teachers Tax Relief Act of 2007 - Amends the Internal Revenue Code to make permanent the tax deduction for certain expenses of elementary and secondary school teachers.

Educator Expense Deduction Act of 2007 - Amends the Internal Revenue Code to: (1) increase the allowable tax deduction for the expenses of elementary and secondary school teachers to $500; (2) allow the deduction of professional development expenses; and (3) make such deduction permanent.

Home Lead Safety Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow a tax credit for 50 percent of the costs of reducing lead hazards in U.S. homes built before 1960 in which certain low-income children less than six years of age and women of child-bearing age reside. Allows a maximum credit of $3,000 for lead abatement costs and $1,000 for the cost of interim lead control measures.