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."