This afternoon, Chairman Baucus and Chairman Rangel agreed on a package of small business tax incentives for inclusion in the supplemental spending bill currently in conference between the Senate and the House. The package delivered to conferees today by the chairmen of the taxwriting committees totals $4.84 billion in small business tax relief, fully offset. A summary of the tax provisions and offsets is below.
“It’s past time to get a pay increase on the ground for America’s minimum-wage workers.
Chairman Rangel and I worked together to craft a targeted, fiscally responsible package of small business tax incentives that can help minimum wage legislation move through both chambers and into law," Baucus said. “Small businesses employ many, many hardworking Americans, and many of them are preparing for the long-overdue increase in minimum wage that this Congress is finally set to pass. This agreement will provide meaningful tax relief to small businesses across America."
"We have reached final resolution - and I mean final - on a package of small business tax credits that will enable us to pass the first increase in the Federal minimum wage in nearly a decade," said Ways and Means Committee Chairman Charles B. Rangel (D-NY). "This package provides common sense, responsible tax relief so our small businesses can continue to hire new workers and promote economic growth in our communities."
Source: Ranking Member’s News
