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Thursday, 05 April 2007 16:08

Minimum wage legislation includes small business incentives

 The U.S. Senate has passed the Minimum Wage Increase Act of 2007 by a vote of 94-3. This marks the first time the minimum wage has been voted an increase in 10 years. The legislation would increase the federal minimum wage from $5.15 per hour to $7.25 per hour over the next two years.
 The U.S. House of Representatives passed the Fair Minimum Wage Act of 2007, H.R. 2, in January. However, H.R. 2 did not include any tax breaks and the Democrats did not allow amendments to be offered during debate. This legislation passed 315-116.
 Included in the Senate’s Minimum Wage Increase Act of 2007 is a package of small business tax incentives intended for businesses that employ minimum wage workers. The package includes credits for small businesses that hire hard-to-employ or disadvantaged workers, including veterans disabled after the Sept. 11, 2001, attacks; a reduced period of depreciation of improvements on leased property; increased deductions for improving buildings; and measures to help small businesses simplify their bookkeeping and tax purposes.
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