Ways and Means Passes Tax Relief for Small Businesses
WASHINGTON, D.C. – The Ways and Means Committee passed H.R. 976, the Small Business Tax Relief Act of 2007 today by unanimous consent. The bipartisan legislation was introduced last Friday by Ways and Means Chairman Charles Rangel and Ranking Member Jim McCrery and is expected to be considered by the full House of Representatives later this week. H.R. 976 is a revenue-neutral package that would extend critical tax provisions for small business owners and pave the way for the House and Senate to agree on legislation to raise the Federal minimum wage from $5.15 per hour to $7.25 per hour.
“It is with great honor and pleasure that I call to order the first legislative markup of the Committee on Ways and Means in the 110th Congress. The legislation before us today is the product of a bipartisan effort of Democratic and Republican staff along with the non-partisan expertise from the Joint Committee on Taxation.
“I cannot think of a better way to start off the new Congress than by marking up a bill with the depth of bipartisanship we have here today. I have worked together with Mr. McCrery to draft a bill that helps strengthen economic opportunity for small business owners and I will continue working with him to ensure that this important piece of legislation reaches the President’s desk and becomes law. An overwhelming number of Americans support increasing the minimum wage - in fact most states have already raised their wages above the Federal minimum of $5.15. The President has been supportive of this increase and today’s action is a good way of showing that this Congress can, and intends to, work in a bipartisan way.
“I hope this bill can move swiftly to the House Floor and then to Conference with the Senate.”