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Last updateThu, 23 Oct 2014 3pm

Repeal of Contractor 3% Withholding Rule Sent to Obama to Sign

The U.S. House of Representatives passed and sent to President Barack Obama legislation to repeal a requirement that federal, state and local governments begin withholding 3 percent of payments to contractors in 2013.

After months of bouncing between the two chambers of Congress, the measure cleared its final legislative hurdle with yesterday’s 422-0 House vote. The legislation also includes tax credits for companies that hire unemployed veterans.

Source: Bloomberg

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