Senator Introduces Bill to Repeal 3 Percent Withholding Law

Senator Arlen Specter (R-Pa.) Wednesday introduced S.292, a bill to repeal the 3 percent tax withholding requirement set to go into effect in 2011.  The bill was introduced along with Republican Senators Saxby Chambliss (Ga.), Pat Roberts (Kan.), Jim Inhofe (Okla.), David Vitter (La.), George  Voinovich (Ohio) and Johnny Isakson (Ga.).  It is the companion bill to H.R. 275 introduced in the House by Reps. Kendrick Meek (D-Fla.) and Wally Herger (R-Calif.) on January 7.  Both bills have been referred to their committees of jurisdiction, the Senate Finance Committee and House Ways and Means Committee.  AGC has made enactment of legislation to repeal the 3 percent withholding law a top legislative priority for the 111th Congress.  Full repeal of the 3 percent withholding law has been included in the House stimulus bill.