Small Business Job Protection Act of 1996,
Definition of Small Business Job Protection Act of 1996:
The Small Business Job Protection Act Of 1996 is a piece of American legislation that increased the minimum wage requirements, 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 furthermore simplified the administration and maintenance of 401(k) defined contribution plans with the aim of making more employers want to provide this type of retirement plan to its employees.
A loan which provides for the increase of minimum wage, change in S Corporation structures and tax relief for small businesses. The Act also provides for a simplified retirement plan for small businesses which is known as A SIMPLE Retirement Plan.
The law is one of a several such acts that have been passed by Congress and signed by the President in the years before and since, aimed at helping to make small businesses competitive employers relative to larger firms.
Meaning of Small Business Job Protection Act of 1996 & Small Business Job Protection Act of 1996 Definition