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3% Withholding Repeal and Job Creation Act of 2011

3% Withholding Repeal and Job Creation Act of 2011

On November 16, 2011, Congress passed the "3% Withholding Repeal and Job Creation Act of 2011" (H.R. 674). President Obama signed the bill into law on November 21, 2011. The bill contains the following main measures:

  • Permanently repeal the 3 percent withholding provision on government contractors
  • Tax credits for businesses that hire veterans
  • $5,600 credit for hiring long-term unemployed veterans
  • $2,400 credit for hiring short-term unemployed veterans
  • Credits of up to $9,600 for hiring unemployed veterans with service-related disabilities
  • Simplify the certification process to make it easier for businesses to get the tax credit
  • Modifies the income definition for determining eligibility for exchange subsidies, Medicaid and the Children’s Health Insurance Program – conforming the definition of income in the health law to the standards used by other federal low-income programs such as food stamps and public housing

In the News

Current Tax and Accounting

  • Tax Extenders Legislation Advances in Senate Accounting Today
  • Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500; Saves 1.6 Million Hours A Year IRS
  • House Ways and Means Chairman Camp Releases Tax Reform Proposal Accounting Today
  • IRS Offers Health Care Tax Tips to Help Individuals Understand Tax Provisions in the Affordable Care Act IRS

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