Minimum Wage Act of 2007
Latest action · Jan 22, 2007 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 22, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jan 22, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | John Warner | Original | Jan 22, 2007 |
Actions 2
Everything that happened, newest first.
- Jan 22, 2007Introduced in Senate
- Jan 22, 2007Read twice and referred to the Committee on Finance.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2 | Fair Minimum Wage Act of 2007 | Related bill | Feb 1, 2007 |
| S 2 | Fair Minimum Wage Act of 2007 | Related bill | Jan 8, 2007 |
| HR 239 | Working Americans Growing the Economy (WAGE) Act of 2007 | Related bill | May 9, 2007 |
| HR 509 | Minimum Wage for All Americans Act | Related bill | May 18, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Accounting
- Agriculture and Food
- Commerce
- Depreciation and amortization
- Due process of law
- Finance and Financial Sector
- Foreign corporations
- Foreign Trade and International Finance
- Income tax
- Inventories
- Labor and Employment
- Law
- Leases
- Minimum wages
- Railroad retirement plans
- Restaurants
- Small business
- Social security taxes
- Social Welfare
- 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
Text 1
Each version as it was printed, newest first.
- Jan 22, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
