Contact: Gail Raiman, (703) 812-2073 For Immediate Release
Gerry Fritz, (703) 812-2062 October 14, 2011
Washington, D.C. – Associated Builders and Contractors (ABC) today applauded the U.S. House Ways and Means Committee approval of legislation (H.R. 674) to repeal the 3 percent withholding tax for contractors:
“We applaud the committee for its bipartisan effort to repeal what could be another hurdle for contractors to expand their businesses and hire more workers,” said ABC Vice President of Federal Affairs Geoff Burr. “If enacted, the 3 percent withholding tax would add significant strain to small business contractors that already are operating on extremely thin margins and face cash flow challenges.
“The repeal of the 3 percent withholding tax should be viewed as a first step to undo the Obama administration’s other job-killing proposals and regulations,” Burr said. “We look forward for a vote by the full House on repeal of the 3 percent withholding tax later in the month.”
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Associated Builders and Contractors (ABC) is a national association with 75 chapters representing more than 23,000 merit shop construction and construction-related firms with nearly two million employees. Visit us at www.abc.org.