This bill would increase the federal minimum wage from $7.25 per hour to $8.20 per hour six months after the date the bill was signed into law. The bill would authorize two more minimum wage jumps as well: to $9.15 an hour one year after the first increase, and to $10.10 an hour two years after the increase to $8.20. A fourth jump would also occur three years after the initial increase and every year thereafter. Those jumps would be based on the Consumer Price Index.
The bill would also increase the federal minimum wage for tipped employees to $3.00 an hour six months after the bill was signed into law, and provides a formula for subsequent annual adjustments of the minimum wage for tipped employees.
Finally, the bill raises the cap on expensing allowances, increasing it $500,000 for business assets, including software, and treats "qualified real property" (such as restaurant property) as "depreciable business property."