March 26, 2014
As introduced in the Senate on November 19, 2013
S. 1737 would amend the Fair Labor Standards Act (FLSA) to increase the federal minimum wage in three steps from $7.25 per hour to $10.10 per hour, and to adjust the wage annually thereafter to account for inflation. In addition, the bill would increase the federal minimum cash wage for workers who receive tips by gradually raising that wage until it equals 70 percent of the federal minimum wage for other workers. Finally, S. 1737 would amend the Internal Revenue Code to extend through 2016 an increased limitation on the amount of investment that firms can immediately deduct from their taxable income—a limitation that mostly affects small- to medium-sized businesses.