House Panel Backs Repeal Of Contractor Withholding Rule

Law360, New York (October 13, 2011, 6:37 PM EDT) -- A House panel on Thursday approved a bill that would repeal a new rule requiring the government to automatically withhold 3 percent from payments to its contractors amid Republicans' claims that the tax would hurt small businesses.

The House Committee on Ways and Means passed H.R. 674 by a voice vote, paving the way for a full vote on the repeal of an Internal Revenue Service rule slated to go into effect in December 2012. Repealing the IRS rule would cost the federal government $11 billion...
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