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House repeal of 3 percent withholding mandate welcome news for hard-hit construction industry

Post Time:Nov 18,2011Classify:Industry NewsView:280

 

The U.S. House of Representatives passed H.R. 674, a bill to repeal the 3 percent withholding law, on Nov. 16. The vote passed 422 to 0 and will be sent to the president for his signature, according to a media release from the 

 

According to AGC, the law would have made all federal and state contracts for goods and services subject to a 3 percent income tax withholding on each and every payment over $10,000 to a contractor, beginning in January 2013. The requirement also would have applied to large local governments that make $100 million or more in annual expenditures for goods and services, AGC officials said.

 

AGC CEO Stephen Sanderr, issued the following statement in response to last night’s House vote to repeal the 3 percent tax withholding mandate:

 

“The repeal of the 3 percent tax withholding mandate will provide a much-needed boost for construction employers across the country.  The fact contractors won’t be forced into providing billions in interest-free loans to the federal government beginning in 2013 is welcome news for a hard hit industry and its struggling workers."

 

Source: http://www.glassmagazine.comAuthor: shangyi

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