The withholding requirement was originally approved and signed into law in 2006 but has never been implemented.
The rule is currently scheduled to take effect in 2012 after being delayed as a result of the 2009 stimulus bill.
President ObamaâsÂ jobs proposal had called the law one of the âburdensome withholding requirements that keep capital out of the hands of job creators.â
The bill now moves into the Senate.
Previous withholding repeal coverage:
- Push to Repeal Contractor Withholding Tax Paused
- House to Take Up Contractor Withholding Repeal Next Week
- House Panel Approves Repeal of Contractor Withholding Tax
- Cantor: House to Consider Repeal of Contractor Withholding Tax