Amendment provides tax breaks for small business.The Senate Finance Committee unanimously approved an amendment to H.R. 2, the Fair Minimum Wage Act of 2007, that creates tax breaks for small businesses that are intended to balance the cost of an increased minimum wage: * One-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants extension of increased small-business expensing under Sec. 179; * Extension and expansion of the 15-year depreciation of leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. to include business owners that own their own stores; * Increase the threshold The point at which a signal (voltage, current, etc.) is perceived as valid. (to $10 million) for businesses allowed to use the cash method of accounting; and * Permanent extension of the work opportunity tax credit and expansion of the credit to include disabled veterans. For more, visit www.senate.gov/~finance/sitepages/baucus.htm. S.2, the Fair Minimum Wage Act of 2007, is identical to H.R. 2 and passed the Senate Feb. 1. |
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