U.S. House Committee Approves Small-Business Tax Cuts

Posted on February 14, 2007


A House committee this week approved a $1.3 billion bipartisan tax package for small businesses aimed at boosting support for an increase in the federal minimum wage which has stood at $5.15 per hour since 1997.  The Small Business Tax Relief Act of 2007, which the House Ways and Means Committee passed unanimously on February 12, 2007, would extend tax credits for small-business owners, while raising the amount of capital spending they can write off every year.  This paves the way for a compromise bill between the House and Senate that balances tax relief for smaller business with a $2.10 hike in the federal minimum wage over the next two years.  The bill is expected to be taken up by the full House later this week.   

Link to Markup of H.R. 976, the “Small Business Tax Relief Act”

N. DeWayne Pope, DeWayne Pope LLC