The Senate's tax writing committee quickly went through the process of approving tax breaks for small business in response to Repulicans saying they had to be included if they were to pass the huge minimum wage increase initiated by the Democratics.
The Senate will debate the minimum wage plan next as they finish up their current business. The committee was unanimous in its decision.
The tax breaks will especially help restaurants and retailers that hire a lot of minimum wage employees and also offers incentives for those businesses that hire welfare and food stamp recipients, ex-convicts, the disabled and others that have difficulty being hired for a job.
Plans for the minimum wage are the same in both the house and the senate as it would be raised in three stages. The first increase will be 60 days after President Bush signs it into law, then it would go up to $6.55 an hour in a year, and finally to $7.25 an hour a year later.
The Republican-backed senate measure would offer approximately $8 billion in tax incentives to small businesses through extension of the defraying of the cost of equipment purchased.
Retailers and restaurant owners will also have accelerated tax benefits for improvement they make to their buildings.
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