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CCH Tax Briefing Analyzes New Withholding Tax Repeal, Jobs Creation Act
(RIVERWOODS, ILL., November 17, 2011) – Congress has cleared legislation, The Three Percent Withholding Repeal and Job Creation Act (H.R. 674), repealing a 3-percent withholding tax imposed on government contractors, and expanding tax incentives to encourage employers to hire military veterans. CCH has issued a new Tax Briefing taking a closer look at the bipartisan measure that now awaits President Obama’s signature. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
The $12.8 billion cost of the withholding repeal and veterans’ tax incentives is offset by modifying the calculation of modified adjusted gross income (AGI) for determining certain federal health care program eligibility, as well as delaying scheduled reductions in fees for VA mortgage applications.
“The mandatory withholding tax was designed to crack down on federal contractors trying to avoid taxes,” said Mark Luscombe, JD, LLM, CPA, and CCH Principal Federal Tax Analyst. “It was part of the Tax Increase Prevention and Reconciliation Act (TIPRA) of 2005 and was originally supposed to kick in this year, but heavy criticism of the withholding requirement helped delay the effective date and supported House and Senate votes to repeal it.”
For More Information
To access the CCH Tax Briefing, please click here or visit CCHGroup.com/Legislation to access the full range of CCH’s Special Briefings on significant tax law developments. Members of the press interested in speaking to a CCH tax analyst should contact Leslie Bonacum at 847-267-7153, firstname.lastname@example.org; or Eric Scott at 847-267-2179, email@example.com.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
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