The odds are looking better for Senate approval of legislation to increase the minimum wage. But reconciling that bill with a House version -- containing no tax breaks for businesses -- figures to take some negotiating.Senate debate on the bill ended Tuesday with an 87-10 vote, and final Senate passage of the bill is expected this week.
The tax package would costs $8.3 billion in lost tax revenue over the next decade -- extending breaks that allow small businesses to deduct up to $112,000 in new investments a year, reducing the depreciation period for improvements to retail properties, extending a tax credit for businesses that hire low-income or disadvantaged workers, and allowing small businesses to use the cash method of accounting.
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