Senate Panel OKs Deferred Pay Changes

Law360, New York (January 18, 2007, 12:00 AM EST) -- As part of broad effort to give small businesses tax help, the Senate Finance Committee passed legislation Wednesday that would cap the amount of money executives can put into a deferred compensation tax-free at $1 million.

Senate Finance Chairman Max Baucus (D-Mont.) said the tax incentives included in the broad plan were necessary to help the federal minimum wage increase by $2.10 over two years to $7.25 get through the Senate and avoid a veto by President Bush.

The wage increase recently passed the House of...
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