Minimum Wage Increase and Work Opportunity Tax Credit Act of 1996

[AI summary unavailable — showing source text] Minimum Wage Increase and Work Opportunity Tax Credit Act of 1996 - Amends the Fair Labor Standards Act of 1938 to increase the minimum wage rate from the current $4.25 per hour to: (1) $4.75 per hour for one year beginning 90 days after enactment of this Act; and (2) $5.25 per hour after that year. Amends the Internal Revenue Code to provide for a new work opportunity tax credit. Redesignates the current targeted jobs credit as the work opportunity credit. Revises the amount of such credit, members of targeted groups, minimum employment period for eligibility, and termination of the period of new wage payments to which the credit applies.…