President Obama Signs 3 Percent Withholding Repeal into Law
November 22, 2011
On Monday, November 21, 2011, President Obama signed the “3 Percent Withholding Repeal and Job Creation Act of 2011” (H.R. 674) into law. By signing this bill, the 3 percent withholding provision on government contractors has been permanently repealed. The bill also offers tax incentives for businesses that hire veterans; including a $5,600 credit for hiring long-term unemployed veterans, a $2,400 credit for hiring short-term unemployed veterans, and credits of up to $9,600 for hiring unemployed veterans with service-related disabilities.
The bill reached President Obama’s desk just one week after it had passed through the House of Representatives on a 422-0 vote.