House Passes Repeal of Three Percent Withholding on Government Contracts

On October 27, 2011, the House approved by a vote of 405 to 16 legislation (H.R. 674) to repeal the three percent withholding on government contracts scheduled to take effect in 2013.  The House separately passed legislation to pay for the $11.2 billion ten-year cost of repeal, approving by a much closer vote, 262 to 157, a bill to alter the calculation of modified adjusted gross income in determining eligibility for some healthcare credits (H.R. 2576).  The Senate on October 20, 2011, defeated, in a procedural vote, similar legislation but with a revenue raiser consisting of discretionary spending cuts (S. 1726).  Bipartisan support for repeal of the withholding requirement may not be enough to pass this legislation unless agreement can be reached on the revenue offsets.  The Administration also supports repeal of the withholding requirement.

 

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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