HVAC Breaking News / News

Nov. 22, 2011: Repeal of 3 Percent Withholding Tax on Government Contracts Signed Into Law

November 22, 2011
KEYWORDS legislation
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON — Legislation repealing the 3 percent withholding tax on government contracts has been signed into law by President Obama. The legislation, H.R. 674 - 3% Withholding Repeal and Job Creation Act, also includes a provision providing tax credits to companies hiring military veterans.

The proposed withholding of 3 percent tax — originally set to take effect in 2011, then pushed back to Jan. 1, 2012 and then to Jan. 1, 2013 — was to apply to payments for goods and services on federal, state, and local government contracts.

A number of trade associations opposed the 3 percent withholding tax including the Associated Builders and Contractors (ABC), Air Conditioning Contractors of America (ACCA), Mechanical Contractors Association of America (MCAA), Plumbing-Heating-Cooling Contractors - National Association (PHCC), and the Sheet Metal and Air Conditioning Contractors’ National Association (SMACNA).

Those opposed noted that the withholding tax was punitive and would increase costs for contractors and also for the government in order to ensure compliance with the required withholding.

Publication date: 11/21/2011

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 ACI Home Performance Conference

The 2014 ACI National Home Performance Conference & Trade Show was held in Detroit.

Podcasts

NEWSMakers: Doug Dougherty

Doug Dougherty, president and CEO of the Geothermal Exchange Organization (GEO) joins the program to discuss the latest happenings with GEO, including the drive to get included in state and federal definitions of renewable energy, plus the future of geothermal.  Posted on July 25.

More Podcasts

ACHRNEWS

NEWS 07-21-14 cover

2014 July 21

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

R-22 PHASEOUT POLL

Some in the industry are calling for the EPA to halt production of R-22 as of 2015. What do you think?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con