โ Scribed by Shirley Dennis-Escoffier
No coin nor oath required. For personal study only.
I 3448, the Small Business Job Protection Act of 1996. Most of the reports on this legislation have been about its increase in the minimum wage. However, the bill also contains numerous tax provisions.
The legislation would increase the hourly minimum wage in two steps from $4.25 to $5.15 by September 1,1997. To gain support from those opposed to increasing the minimum wage and to help small businesses pay for the cost of the wage increase, the bill also includes tax breaks worth more than $20 million over the next decade. Originally designed to provide relief only to small businesses, the measure grew as it moved through the legislative process and now encompasses tax breaks for individuals and large corporations as well. Since President Clinton has indicated that he intends to sign this bill, it is time to take a first look at some of the tax provisions contained in this legislation.
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