WASHINGTON, D.C. - The House of Representatives voted today to pass H.R. 976, the Small Business Tax Relief Act of 2007. The bipartisan legislation, introduced last week by Ways and Means Committee Chairman Charles Rangel and Ranking Member Jim McCrery would extend 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. The measure gained overwhelming bipartisan support, passing by a margin of 360 to 45.
H.R. 976 is revenue neutral. A summary of the provisions is attached.
“Bipartisanship is alive and well in the House of Representatives," said Chairman Rangel. “The cooperation between Republicans and Democrats that made this bill possible should set the tone for the rest of the Congress as we search for common ground and solutions to tough issues. By working together, Ranking Member McCrery and I delivered targeted, responsible tax relief to small businesses and paved the way for Congress to pass an increase in the Federal minimum wage."
“These tax cuts will directly help the small businesses hurt by rising costs when the minimum wage increases," said Ranking Member McCrery. “Going forward, the amount of tax relief in this bill should serve as a floor, not a ceiling, in our negotiations with the Senate. While I hope we can agree on a larger figure, the challenge - in this new world of PAYGO budget rules - will be to find offsets that don`t hurt more than the tax relief helps. I look forward to working with Chairman Rangel and our colleagues in the Senate to get the best law possible."
