S.347 - Minimum Wage bill

A bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes. view all titles (4)

All Bill Titles

  • Popular: Minimum Wage bill as .
  • Popular: Minimum Wage bill.
  • Short: Minimum Wage Act of 2007 as introduced.
  • Official: A bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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01/22/07
 
 
 
 
 
 
 

Official Summary

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 af

Official Summary

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.

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