Recent Push by Lawmakers for Full Repeal is Welcome News to NACM and Trade Creditors
Columbia, Maryland: September 20, 2011‚ÄĒFollowing 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.
‚ÄúNACM has opposed this withholding requirement since it was enacted in 2006,‚ÄĚ said NACM President Robin Schauseil, CAE. ‚ÄúHopefully, the encouraging comments made by lawmakers like Rep. Mike Mulvaney (R-SC), who rightly described the tax as ‚Äėjob-crushing,‚Äô and House Majority Leader Eric Cantor (R-VA), who has signaled that repeal will be on the House‚Äôs agenda this fall, ultimately mean that the end of the 3% withholding tax is near.‚ÄĚ