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HOUSE MINIMUM WAGE BILL OMITS SENATE S CORPORATION PROVISIONS
February 12, 2007
The House Ways and Means Committee has issued its own tax provisions to accompany the bill to increase the minimum wage increase. The Ways and Means bill has none of the S corporation provisions in the Senate bill. It instead raises the Section 179 deduction to $125,000 for 2007 (instead of $112,000) while extending the work opportunity tax credit an additional year. It also allows married couples to file jointly owned businesses as a sole proprietorship, rather than a partnership.
The house bill also has a tax increase for dependent children, denying them the use of the lowest capital gain bracket (currently 5%) and increases the amount of estimated tax payments for large corporations for the first three quarters of 2012.
Once it clears the full House, the tax provisions will have to be reconciled with the more ambitious Senate version.
The TaxProf and Don't Mess with Taxes have more coverage.
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