* The minimum wage bill has popped in the Senate and will be heard during an Executive Committee committee meeting at 2 o’clock this afternoon. Click here to read the bill. The Trib has some deets…
Lightford’s bill also proposes a tax credit that would help employers with 50 or fewer full-time employees offset some of the cost of raising wages. Employers would be able to deduct 25 percent of the cost in 2020, and the credit would then scale back annually until hitting 5 percent in 2025. It would phase out entirely for employers with more than five employees in 2028.
The credits wouldn’t be available to franchise owners whose businesses belong to chains with more than 50 workers.
Employers would be able to continue paying a lower wage to workers under 18 if they work fewer than 650 hours in a year.
The minimum wage for younger employees — currently $7.75 per hour — would increase to $8 on Jan. 1 and peak at $13 per hour in 2025.
…Adding… As a commenter points out, the Trib’s language is a bit sloppy. This isn’t a tax deduction. It’s a tax credit on wages paid above the current minimum wage.