Sec. 936 tax credit repeal included in House small business tax package.
This article was originally published in The Tan Sheet
Executive Summary
SEC. 936 REPEAL WOULD BE IMPLEMENTED BY GOP TAX PACKAGE scheduled to be considered on the House floor beginning May 22. The phased-in repeal of the Puerto Rico and possessions tax credit is intended to pay for a series of tax credits offered to small businesses to counter the possible effects of a hike in the minimum wage. The Small Business Job Protection Act (HR 3448) was introduced by House Ways & Means Committee Chairman Bill Archer (R-Tex.) on May 14, passing mark-up in a same-day vote by 33-3.