S. 347 would amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage.
Detailed Summary
WARNING: This summary is based upon a pre-publication edition of the measure and is subject to change.
Fair 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 provide small business tax relief by: (1) extending the 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant property; (2) revising cash accounting rules for small businesses; and (3) extending work opportunity tax credit to qualified restaurant employees.
Status of the Legislation
Latest Major Action: 1/22/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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