Members of the U.S. House voted 360-45 Friday to pass H.R. 976, a package of tax breaks that will accompany the House version of the minimum wage increase bill.
H.R. 976, the Small Business Tax Relief Act, includes more generous indexing for a variety of popular tax breaks, such as small business expensing, along with a family business tax simplification measure.
But H.R. 976 excludes revenue-raising measures including in the Senate version of the minimum wage increase bill that could restrict use of non-qualification deferred compensation plans.
Lawmakers are predicting that House and Senate leaders will have to appoint a conference committee to iron out differences between the House and Senate versions of the minimum wage bill and accompanying tax legislation.