Senate, House Agree on $4.8-B Small Business Tax Break
The chairmen of the House and Senate tax-writing committees have agreed on a $4.8-billion compromise package of tax breaks for small businesses, which they plan to attach to legislation raising the federal minimum wage.
The agreement, announced April 20 by Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Chairman Charles Rangel (D-N.Y.) is partway between an $8.3-billion plan approved by the Senate and a $1.3-billion House-approved version. The plan is to attach the minimum wage hike plus the tax breaks to a pending Iraq spending bill.