The Senate approved H.R. 674 today, clearing the 3% withholding repeal bill's path to passage.
The bipartisan vote included measures to repeal the 3% tax, which would otherwise go into effect on most government contracts starting in 2013, and to enact a jobs plan that offers tax breaks to businesses that hire recently discharged veterans.
While the House must still approve the final bill before it can be signed into law, support remains strong, and full passage is likely.
NACM congratulates the Senate on approving this important legislation, and welcomes the imminent end of the 3% withholding tax, which NACM has opposed since its enactment.
Stay tuned to NACM's blog for more updates.
Jacob Barron, CICP, NACM staff writer