3.0.0 347 2023-01-11T20:05:07Z 2023-01-11T20:05:07Z Senate S S 2007-01-22 110 ssfi00 Finance Committee Senate Standing Referred to 2007-01-22T20:25:14Z Fair Minimum Wage Act of 2007 110 2 HR 2007-02-01 Passed Senate with an amendment by Yea-Nay Vote. 94 - 3. Record Vote Number: 42. (text: CR S1500-1511) Related bill CRS Working Americans Growing the Economy (WAGE) Act of 2007 110 239 HR 2007-05-09 Referred to the Subcommittee on Workforce Protections. Related bill CRS Minimum Wage for All Americans Act 110 509 HR 2007-05-18 Referred to the Subcommittee on Workforce Protections. Related bill CRS Fair Minimum Wage Act of 2007 110 2 S 2007-01-08 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 2. Related bill CRS 2007-01-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-01-22 Introduced in Senate IntroReferral 10000 9 Library of Congress V000126 Sen. Voinovich, George V. [R-OH] GEORGE VOINOVICH R OH V. N Commerce Accounting Agriculture and Food Depreciation and amortization Due process of law Finance and Financial Sector Foreign Trade and International Finance Foreign corporations Income tax Inventories Labor and Employment Law Leases Minimum wages Railroad retirement plans Restaurants Small business Social Welfare Social security taxes Tax administration Tax credits Tax deductions Tax liens Tax refunds Tax shelters Taxation Taxation of foreign income Taxpayers Transportation and Public Works Unemployment insurance Wages Withholding tax Commerce 00 2007-01-22 Introduced in Senate 2007-02-26T20:43:31Z 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.

]]> Minimum Wage Act of 2007 Official Title as Introduced 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. Introduced in Senate IS Display Title Minimum Wage Act of 2007 Short Titles as Introduced Minimum Wage Act of 2007 Popular Titles Minimum Wage bill 9 Library of Congress Introduced in Senate 2007-01-22T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s347is/xml/BILLS-110s347is.xml 2007-01-22 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.