After moving to the floor on November 7, the Senate voted 95 to 0 yesterday to approve H.R. 674. This legislation was primarily intended to repeal the three percent withholding tax imposed on federal contractors. See the Insight from November 8 discussing the history of H.R. 674 and the three percent withholding bill.
A Democratic amendment, the VOW to Hire Heroes Bill, provides tax credits for employers that hire military veterans. Additionally, existing tax credits are increased for companies that hire veterans with service-connected disabilities. The addition of the VOW to Hire Heroes Bill requires a House vote on the revised legislation in order to advance the measure for the president’s approval. President Obama urged the House to pass the bill, so he can sign it into law.
Stay tuned for more information as the House reconsiders this legislation in the near future.
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