Vermont Society of Certified Public Accountants

News

House Passes Bill to Repeal 3% Withholding

Oct 28, 2011 —

The U. S. House of Representatives passed a bill Wednesday to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies. The bill, HR 674, passed by a vote of 405-16 and now goes to the Senate for consideration.