S.347: A bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes.

A bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes. 1/22/2007--Introduced. 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 [...]

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