Small Business Job Protection Act Of 1996 Definition
The Small Business Job Protection Act was passed by the Congress in 1996 after it was signed by President. As its name implies, this act engaged in every activity that protect small business and workers. Many standing standing issues were addressed by this act such as the administration and maintenance of 401(k), pension rules and retirement plans, worker employment status, among others.
This Act improved the status of workers and also enabled small businesses in the United States to operate seamlessly and create more jobs. It also made provision for increase in minimum wage, adjusted S corporation structure and taxation of small businesses and also simplified pension rules.
A Little More on What is the Small Business Job Protection Act Of 1996
An important legislation in the American history that facilitated the extension of small businesses competitive employers to larger firms is the Small Business Job Protection Act Of 1996. Aside from increasing minimum wage and helping small businesses create jobs, there are other significant achievements that can be attributed to this Act.
There are several provisions of this act that necessitated the increment in the amount which a small business may expense for tax purposes and a decrease in the percentage of work opportunity tax credit. This act also simplified pension rules and retirement plans which benefitted employees. It increased minimum wage from $4.25 an hour at the time to $5.15 an hour
References for Small Business Job Protection Act
Academic Research on Small Business Job Protection Act of 1996
Banks as S Corporations: The Small Business Job protection Act of 1996, Goldstein, R. (1997). Banking LJ, 114, 647. This study examines the possibility of an S-Corporation entity and tax structure for Banks.
Small Is Not Beautiful: The Case Against Special Regulatory Treatment of Small Firms, Pierce Jr, R. J. (1998). Admin. L. Rev., 50, 537. This article addresses the need or lack of need for special regulatory treatment of small businesses.
Do small businesses create more jobs? New evidence for the United States from the National Establishment Time Series, Neumark, D., Wall, B., & Zhang, J. (2011). The Review of Economics and Statistics, 93(1), 16-29.
Current Federal and State Conflicts in the Independent Contractor Versus Employee Classification Controversy, Karns, J. E. (1999). Campbell L. Rev., 22, 105.
Small Business Job Protection Act of 1996 Increases the Attractiveness of S Corporations, Klug, P. G., & Nathanson, J. (1997). J. Mo. B., 53, 219.
Firm size and job creation in Germany, Wagner, J. (1995). Small business economics, 7(6), 469-474.
A self-enforcing model of corporate law, Black, B., & Kraakman, R. (1996). Harvard Law Review, 1911-1982.
The New Regulation of Small Business Capital Formation: The Impact-If Any-of the Jobs Act, Campbell Jr, R. B. (2013). Ky. LJ, 102, 815.
Do small businesses create more jobs? New evidence from the national establishment time series, Neumark, D., Wall, B., & Zhang, J. (2008). Do small businesses create more jobs? New evidence from the national establishment time series (No. w13818). National Bureau of Economic Research.
• The secret life of the trust: the trust as an instrument of commerce, Langbein, J. H. (1997). The secret life of the trust: the trust as an instrument of commerce. Yale Lj, 107, 165.