Columbia, MD: December 14, 2011â€”Credit professionals still consider the economy to be their biggest concern for the coming year, according to an annual survey conducted by the National Association of Credit Management (NACM). For the third straight year, when asked â€śLooking forward to 2012, as a credit professional, what are your biggest concerns?â€ť the largest percentage (26.7%) of the nearly 1,000 participants chose â€ślingering uncertainties about the still-sluggish economic recovery.â€ť The result was expected, as credit professionals continue to face stagnant business conditions along with an increase in bankruptcy filings, preference actions and customer difficulties.
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After five years of opposition, the National Association of Credit Management (NACM) today welcomed President Barack Obama's signature of H.R. 674, a bill that finally repeals the 3% withholding tax on local, state and federal government contracts.
Had the bill not been signed into law, contractors would've been forced to sacrifice 3% of their profit from government projects in order for the Internal Revenue Service (IRS) to ensure these companies' compliance with tax obligations. While NACM believes that all businesses should pay what they owe in taxes, the devastating effects that the 3% withholding requirement would've had on contractor cash flow would've negated any positive developments in tax compliance. Luckily, Congress and the Administration have finally recognized this, and summoned the political will to repeal this harmful tax.
Congratulates House for Unanimously Approving H.R. 674
Columbia, Maryland: November 17, 2011-Following the House's 422-0 approval of H.R.674 last night, the National Association of Credit Management (NACM) welcomed the imminent end of the 3% withholding tax, which it has staunchly opposed since its enactment in 2006. Although the tax was originally passed to address tax compliance, the devastating effect it would've had on contractor cash flow would've easily outweighed any potential gains.
However, with the House's unanimous approval of an amended version of H.R. 674, contractors, subcontractors and any other party involved on government projects can rest easy, knowing that their cash flow is safe from this harmful withholding requirement.
Eagerly anticipates House passage
The National Association of Credit Management (NACM) congratulated the Senate today on their unanimous approval last week of legislation that would repeal the 3% withholding tax. The bill, H.R. 674, is now pending the House, where it is expected to be approved shortly.
If a repeal is not signed into law, then a 3% withholding tax would be levied on the value of most local, state and federal government contract. Luckily, it seems that Congress has finally summoned the political will necessary for a full repeal of this widely unpopular tax, instead of more stopgap delays in the tax's implementation.
"NACM and its constituency of trade credit grantors have fought for 3% repeal since the tax was enacted in 2006," said NACM President Robin Schauseil, CAE. "It's good to see that Congress has finally realized what these companies have known all along: that cash flow is a business' lifeblood, and that taking away 3% of it to ensure contractor tax compliance would do more harm than good."
Hopes Senate will quickly follow suit upon their return
Columbia, Maryland: October 31, 2011-The National Association of Credit Management (NACM) applauded the House of Representatives last week, after their approval of H.R. 674, a bill that would finally repeal the 3% withholding tax.
In a bipartisan landslide, the House voted 405-16 in favor of repeal. NACM hopes that the Senate quickly follows suit when they return from recess today.
"The House's repeal of the 3% withholding requirement is a step in the right direction for America's trade creditors and small businesses," said NACM President Robin Schauseil, CAE. "The Senate should recognize the dangers that the 3% tax poses to the nation's continuing economic recovery, and pass a full repeal as quickly as possible."