October 13, 2011

The U.S. House of Representatives is planning a vote in October on a bill to repeal the 3% withholding requirement on all federal and state contracts for goods and services. That rule, scheduled to go into effect on Jan.1, 2013, mandates that every payment over $10,000 to a contractor be subject to 3% withholding. The requirement also applies to large local governments that make $100 million or more in annual expenditures for goods and services. The Associated General Contractors of America (AGC) strongly opposes the measure.
(http://www.bipac.net/issue_alert.asp?g=AGC&issue=3_Percent&parent=AGC%20)

         
 

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