House Passes 3% Withholding Repeal and Job Creation Act

On November 16, the House of Representatives by a vote of 422 to 0 passed H.R. 674, the “3% Withholding Repeal and Job Creation Act,” as amended by the Senate on November 10. The measure is on its way to the White House for the President’s expected signature.

In addition to repealing the 3% withholding requirement for governmental contractors that was scheduled to begin in 2013, the legislation also includes tax credits ranging from $5,600 to $9,600 for companies that hire unemployed veterans.