The House of Representatives unanimously approved an amended version of H.R. 674 today, officially repealing the 3% withholding tax. All that's left now is for the President to sign the bill into law, which he's expected to do soon.
The vote tally was 422-0, with 13 members not voting.
Previously, the House had already approved H.R. 674, but it was amended in the Senate, meaning it had to re-vote on a new version of the bill that included provisions taken from another piece of legislation that gives tax breaks to businesses that hire veterans.
NACM has fought for a full repeal of the 3% withholding tax since it was enacted in Section 511 of the Tax Increase Prevention and Reconciliation Act of 2005. NACM congratulates both chambers of Congress for setting aside their differences and finally agreeing to eliminate what would've been a potentially devastating tax requirement.
Stay tuned to NACM's eNews tomorrow for more information.
Jacob Barron, CICP, NACM staff writer