WASHINGTON, D.C. - Ways and Means committee Chairman Charles B. Rangel was joined by Ranking Member Jim McCrery today in introducing H.R. 976, the Small Business Tax Relief Act of 2007. The bipartisan legislation extends critical tax provisions for small business owners and paves the way for the House and Senate to come to agreement on legislation to raise the Federal minimum wage from $5.15 per hour to $7.25 per hour.
H.R. 976 is revenue neutral. A summary of the provisions is attached.
“This bill strengthens opportunities for small businesses and serves as a symbol of what can happen when Democrats and Republicans work together," said Chairman Rangel. “This tax relief will help small businesses continue to grow and hire new workers to keep our economy strong. This is a bipartisan bill providing critical momentum for the bipartisan effort to raise the minimum wage."
“I believe it is important to couple a minimum wage increase with tax cuts to help businesses that will be hurt by higher costs," said Ranking Member McCrery. “This bill will provide nearly $2 billion in tax relief, and unlike in the Senate bill, much of that relief will be immediate - helping business when costs are rising, not just down the line. I look forward to working with Chairman Rangel and our colleagues in the Senate as we try to get a minimum wage bill with sensible tax relief signed into law."
