S. 347 · 110th Congress
Minimum Wage bill
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VoinovichSponsorNo cosponsors.
Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.
What it does: CRS summary · Introduced in Senate · Jan 22, 2007
Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.
Amends the Internal Revenue Code to: (1) make permanent accelerated cost recovery provisions for qualified leasehold improvement and restaurant property; (2) permit certain small businesses with gross receipts of not more than $10 million to use cash accounting methods and be exempt from the requirement of using inventories; (3) allow employers the work opportunity tax credit for hiring certain restaurant workers between the ages of 16 and 20; (4) set forth a definition and rules for evaluating the economic substance of financial transactions with tax consequences (economic substance doctrine); (5) impose an enhanced penalty for understatements of tax liability due to transactions lacking economic substance; (6) apply inverted corporation tax rules to certain transactions occurring after March 20, 2002; and (7) eliminate the requirement for a pre-levy collection due process hearing for taxpayers with employment tax liabilities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Minimum Wage Act of 2007
Latest action (Jan 22, 2007): Read twice and referred to the Committee on Finance.
Policy area: Commerce · Origin: Senate · Introduced: Jan 22, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML) · Embed in your story
No recorded floor vote found.