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Press Room

NACM has a wealth of member experts in the fields of business-to-business credit and law. Consider using NACM as a resource in the development of your next business story.

Media Contact: Caroline Zimmerman, Editorial Director, 410-740-5560, carolinez@nacm.org

NACM Hopes the End is Near for the 3% Withholding Tax

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Recent Push by Lawmakers for Full Repeal is Welcome News to NACM and Trade Creditors

Columbia, Maryland: September 20, 2011—Following recent developments in the House of Representatives, the National Association of Credit Management (NACM) expressed its hopes that Congress would finally repeal the pending 3% withholding tax. The withholding requirement would be levied on the value of most contracts for goods and services between businesses and federal and state governments, as well as local political subdivisions with contracting expenditures of $100 million or more.

“NACM has opposed this withholding requirement since it was enacted in 2006,” said NACM President Robin Schauseil, CAE. “Hopefully, the encouraging comments made by lawmakers like Rep. Mike Mulvaney (R-SC), who rightly described the tax as ‘job-crushing,’ and House Majority Leader Eric Cantor (R-VA), who has signaled that repeal will be on the House’s agenda this fall, ultimately mean that the end of the 3% withholding tax is near.”

NACM Announces Support of Chapter 11 Bankruptcy Venue Reform Act

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Columbia, Maryland: September 1, 2011 - The National Association of Credit Management (NACM) recently offered its support to H.R. 2533, the Chapter 11 Bankruptcy Venue Reform Act, introduced in the House of Representatives by Reps. Lamar Smith (R-TX) and John Conyers, Jr. (D-MI).

NACM's membership is specifically comprised of unsecured trade creditors, many of whom are smaller businesses with limited budgets for travel. It is these smaller firms that stand to benefit greatly from the provisions contained within the Chapter 11 Bankruptcy Venue Reform Act, which seeks to end the practice of "forum shopping," whereby debtors can file in a district to which they have very little connection, far away from their headquarters or principal place of business. This practice disenfranchises smaller creditors by making it more difficult for them to participate in the filing process, ultimately reducing a trade creditor's chances of recovering what they're owed.

CMI Numbers Continue to Slip, but There Are Silver Linings

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Dollar Amount Beyond Terms and Accounts Placed for Collection Slide Well into Contraction Territory, but Sales Remain Stable and Dollars Collected Actually Improve

Columbia, Maryland: September 1, 2011-The Credit Managers' Index (CMI) for August hasn't been this low in more than a year-falling from July's 53.9 to 52.7-and is now tracking at levels last seen in 2008-2009. "The news this month is not good and comes as no shock to anyone who has been tracking the data coming from all directions," said Chris Kuehl, PhD, economist for the National Association of Credit Management (NACM). If there is any good news, it is that the combined number has not yet fallen below 50, the threshold separating contraction from expansion. But the index of unfavorable factors fell to contractionary levels. The last time the unfavorable index was this low was in the 2009 period when the recession had just started to show signs of easing. The fact that the data was not worse this month than it was is probably worth noting as most of the other indices released in the last few weeks suggested there might have been an even steeper decline.

Chicago-Area Credit Professional Kathy Antoine, CBA Receives National Award of Excellence

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Columbia, MD: June 6, 2011- The National Association of Credit Management (NACM) has recognized Kathy Antoine, CBA, MBA of Glen Ellyn, Illinois, as the recipient of the 2011 CBA Designation of Excellence Award. Antoine was honored at NACM's 115th Annual Credit Congress and Exposition, held in Nashville, Tennessee, May 22-25.

Phoenix-Area Credit Professional Donald G. Kruggel, CBF Receives National Award of Excellence

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Columbia, MD: June 6, 2011-The National Association of Credit Management (NACM) has recognized Donald G. Kruggel, CBF of Peoria, Arizona, as the recipient of the 2011 CBF Designation of Excellence Award. Kruggel was honored at NACM's 115th Annual Credit Congress and Exposition, held in Nashville, Tennessee, May 22-25.

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