OUR THOUGHTS ON:

Senate Passes Three Percent Withholding Repeal - But Changes Added

Construction

By Matt McKinnon

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.

© 2011 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments