Section 179 expensing for small businesses

Effective for tax years after 2006, the expensing limit is increased to $125,000.

MINIMUM WAGE

The federal minimum wage will increase from $5.15 per hour to $7.25 an hour in three $.70 increments over the next two years. It will increase to $5.85 per hour 60 days after the bill's enactment(May 25, 2007). One year after enactment, it will increase to $6.55 an hour, and then to $7.25 an hour the year after that.

If one's state has a minimum wage, the higher amount must be paid. Colorado minimum wage is $6.85 effective April 1, 2007.