Small Business Job Protection Act Of 1996

AAA

DEFINITION of 'Small Business Job Protection Act Of 1996'

An act of legislation that increased the minimum wage, simplified pension rules and adjusted taxes for small businesses. The act also made adjustments to S Corporation regulation, rules surrounding safe harbor provisions and rules governing worker employment status. It also simplified the administration and maintenance of 401(k) plans, with the aim of making more employers want to provide this type of retirement plan to its employees.

INVESTOPEDIA EXPLAINS 'Small Business Job Protection Act Of 1996'

Besides increasing the minimum wage, the act significantly expanded the number of corporations that could take advantage of S Corporation elections, including the allowance of some banks and financial services firms to become this type of corporation.

RELATED TERMS
  1. Americans with Disabilities Act ...

    Legislation that became effective January 1, 2009 that expands ...
  2. Lilly Ledbetter Fair Pay Act

    A law signed by Congress on January 29, 2009, that restored worker ...
  3. Peter Principle

    An observation that in an organizational hierarchy, every employee ...
  4. Subchapter S (S Corporation)

    A form of corporation that meets the IRS requirements to be taxed ...
  5. Minimum Wage

    The minimum amount of compensation an employee must receive for ...
  6. 401(k) Plan

    A qualified plan established by employers to which eligible employees ...
Related Articles
  1. Entrepreneurship

    In Small Business, Success Is Spelled With 5 "C"s

    Incorporating these steps will help your business thrive in a competitive market.
  2. Entrepreneurship

    Tax Credit For Plan Expenses Incurred By Small Businesses

    Determine whether your business is eligible to claim a tax credit for establishing a retirement plan.
  3. Insurance

    The Minimum Wage: Does It Matter?

    Despite paying one of the highest minimum wages in the world, the minimum wage is a perpetual hot potato among politicians in the United States.
  4. Retirement

    Voluntary 401(k) Contributions: A Thing Of The Past?

    Contributing to your retirement plan may no longer be voluntary, but automatic enrollment has a number of benefits.
  5. Entrepreneurship

    401(k) Plans For The Small Business Owner

    If you own a business, this may be the plan for you! Find out about its benefits and eligibility requirements.
  6. Entrepreneurship

    The Best (And Worst) Countries To Be An Entrepeneur

    Where you start a business can influence its success. This new World Bank study will help you find the most – and least – favorable economic climates.
  7. Investing News

    Looking to Open a Franchise? These Topped The List In 2014

    These franchise businesses stood out in 2014.
  8. Not every new company or product makes it, but many successful startups share the following characteristics.
    Entrepreneurship

    6 Characteristics Of Successful Apps

    Not every new company or product makes it, but many successful startups share the following characteristics.
  9. When it comes to managing finances and tracking the markets on the go, there are a number of excellent apps that can be downloaded and installed onto your mobile device.
    Entrepreneurship

    Top Stock Market Apps For News Or Trading Or Both!

    When it comes to managing finances and tracking the markets on the go, there are a number of excellent apps that can be downloaded and installed onto your mobile device.
  10. A brief overview of the top apps that help forex traders with on time information, charts and more.
    Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Hot Definitions
  1. Santa Claus Rally

    A surge in the price of stocks that often occurs in the week between Christmas and New Year's Day. There are numerous explanations ...
  2. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  3. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  4. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  5. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  6. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
Trading Center