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Title: Minimum Wage Increase bill
Vote Smart's Synopsis:
Vote to adopt a conference report of a bill that increases minimum wage, establishes tax credits for workers on welfare, and revises tax laws for businesses, among other provisions.
- Increases the minimum wage rate from $4.25 per hour to $4.75 per hour during the year beginning on October 1, 1996 and to $5.15 per hour beginning September 1, 1997.
- Allows an employer to waive the minimum wage increase for any employee less than 20 years old during the first 90 days of their employment and pay $4.25 per hour.
- Exempts certain computer professionals from minimum wage and overtime requirements when they earn at least $27.63 an hour.
- Increases incrementally the expense treatment of small businesses to $25,000 by 2003.
- Establishes SIMPLE, a savings incentive match plan where employers match the deposits of an employee up to a certain amount and gives employees the option of receiving cash or depositing the employers money into the account.
- Decreases the work credit for certain veterans, ex-felons, high-risk youths, and food stamp recipients from 40% to 35%, and renames the program as the Work Opportunity Tax Credit.
- Establishes the Social Security Retirement age as a uniform retirement age.
- Extends the Airport and Airway Trust fund excise tax until January 1, 1997.
- Exempts a qualified State tuition program from taxation.
- Allows the President to provide duty-free treatment for an eligible product or products to a beneficiary developing country when certain conditions apply concerning the country's government, the value of goods exported to the United States, the economic conditions of the country, and other similar factors.
- Redefines small business corporations (S Corporations) for tax purposes as having as many as 75 stockholders instead of 35.
- Phases out the Puerto Rico and possession tax credit for certain U.S. businesses operating in Puerto Rico.
- Allows punitive damages for injury or illness to be taxed.
- Allows damages for emotional distress to be taxed.
- Repeals the diesel fuel tax rebate to purchasers of diesel-powered automobiles and light trucks.