I have been employed by my current employer for 7 years. When I was hired the company policy was that for an annual evaluation if you met expectations you would get a 4% pay increase. If you exceeded company expectations you would get a 5% pay increase. For several years I was given the 5% increase for exceeding expectations. The company then changed its policy to .45 cents and .55 cents for meeting or exceeding expectations.

The company policy states that the employee annual evaluations are to be done up to 90 days before the actual anniversary date of hire. SInce I have gotten this years evaluation at the exceeds level and was given my .55 cents an hour increase to take effect on 8/10/06. The company has since changed its policy again and put a salary cap on my position. Is the company still required to give me the additional .55 cents even though I am over the salary cap?

Not unless you have a bona fide, binding contract that says so. Raises are not required by law unless you are working at exactly minimum wage and minimum wage is raised by the appropriate legislative body.

I have a annual evaluation signed by 2 supervisors that states what I am currently making per hour and the annual increase of .55 cents that is supposed take effect 8/10/06. Can they take away the .55 cents after it was already promised in writing on my evaluation?

Generally speaking "yes" it can be taken away but they may be required to give you prior notice to the change. IF the change was scheduled to be effective on 8/10 and you've been informed that the increase won't happen before then, I'd believe they would have met their responsibilities under law.