June Issue The Small Business and Work Opportunity Act

June 1, 2007 Issue # 250 The Small Business and Work Opportunity Act of 2007 After months of political wrangling, Congress has passed a small business tax incentives bill coupled with an increase in the federal minimum wage. The Small Business and Work Opportunity Tax Act of 2007 is part of a much larger and more controversial bill, the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act of 2007. The legislation passed the House by a 280-142 vote on May 24, 2007, followed the same day by Senate approval by an 80 to 14 margin. President Bush signed the bill into law on May 25. Highlights of the Small Business and Work Opportunity Act of 2007 include: • • • • Over 60 Code provisions Over 10 changes retroactive $8.4 Billion for small businesses over five years $5 Billion more for Sec. 179 expensing over five years • • • • Broadened Work Opportunity Credit Enhanced S Corp relief Expanded kiddie tax Heightened preparer penalties Please view the link below for more details on the Small Business and Work Opportunity Act of 2007. Small Business and Work Opportunity Act of 2007 Special Report | GLYNN ACCOUNTING & TAX SERVICES | COLDWELL BANKER GLYNN REALTY | GLYNN FINANCIAL SERVICES (262) 644-8479 (262) 644-6915 1155 E. Commerce Blvd PO Box 183 Slinger, WI 53086 (262) 644-2053