Senate Panel Extends Wal-Mart Tax Credit
Posted on January 18, 2007 by webteam
From Bloomberg News:
The Senate Finance Committee voted to add $8.3 billion in tax breaks for small businesses to legislation that would increase the minimum wage. The panel also agreed to cap the amount of tax-deferred pay employees can receive each year.
The committee voted unanimously to approve the tax measures, including an extension until 2012 of the Work Opportunity Tax Credit, which benefits companies such as Wal-Mart Stores Inc. and Olive Garden restaurant owner Darden Restaurants Inc. that hire workers on welfare. The legislation offsets the cost of the tax breaks with about a dozen revenue-raising proposals, including a $1 million limit on executive compensation that qualifies for tax-deferred status.
