Senate Passes Bills Affecting Small Businesses

Today the Senate passed a bill to raise the minimum wage and provide tax breaks to small businesses. The House version passed in January, without the provisions for small businesses.

The bill passed by a landslide. It raises minimum wage to $7.25 from $5.15 an hour - a $2.10 an hour increase. The increase was opposed by small business owners who could be most hurt by it.

President Bush and Senate Republicans made it clear they wouldn't pass the Democrats minimum wage hikes without the tax breaks for small businesses. The bill extends tax credits for businesses that hire the disadvantaged. It also provides tax advantages for expensing and depreciation.

In all the bill provides $8 billion worth of tax cuts to small business.

Posted on February 1, 2009  |   Email This Blog Post   |   Print This Blog Post