The small-business tax package includes proposals regarding expensing, depreciation and cash accounting. Each of these proposals provides at least some relief to the small-business community which will be disproportionately hit by the wage hike.

The Senate today approved, 94-3, legislation that increases the federal minimum wage from $5.15 to $7.25 an hour. The bill also includes a token tax relief component of $8 billion for small businesses. The tax relief is meant to ease the burden on small business.

The small-business tax package includes proposals regarding expensing, depreciation and cash accounting. Each of these proposals provides at least some relief to the small-business community which will be disproportionately hit by the wage hike.

The House version of the bill does not contain small-business tax relief.