Organizations such as the Association of General Contractors of America, the National Association of Credit Management and the U.S. Chamber of Commerce are all smiles after President Barack Obama signed into law on Monday a bill repealing a requirement that federal, state, and local governments withhold 3% of the payments they make to vendors, starting in 2013. The bill, H.R. 674, also includes tax incentives for employers who hire unemployed veterans. The tax was enacted in 2005, but had been delayed several times. Business lenders said the tax would have stymied cash flow, while contractors claimed it would have crippled an already lagging construction industry and had a negative trickle-down effect on other businesses. Read more about the tax repeal from Investment News here.
Builders, lenders and businesses praise tax repeal for contractors
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