summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Withholding Tax Relief Act of 2011- Repeals the provision of the Tax Increase Prevention and Reconciliation Act of 2005 requiring federal, state, and local governmental entities to withhold 3% of payments due to vendors providing goods and services to such entities. Rescinds permanently $39 billion of appropriated but unobligated discretionary funds. Exempts unobligated funds of the Department of Defense (DOD) or the Department of Veterans Affairs (VA). Requires the Director of the Office of Management and Budget (OMB) to determine and identify from which appropriation accounts such rescissions shall apply and report to the Secretary of the Treasury and Congress on such rescissions.
AI Summary
This bill, the Withholding Tax Relief Act of 2011, repeals a provision from the Tax Increase Prevention and Reconciliation Act of 2005 that required federal, state, and local government entities to withhold 3% of payments made to vendors for goods and services, meaning vendors will no longer have this portion of their payments held back. To offset the expected loss in government revenue from this change, the bill also permanently rescinds $39 billion in appropriated but unused discretionary funds, with the Director of the Office of Management and Budget (OMB), an office that manages the federal budget, tasked with identifying which specific government accounts will lose these funds and reporting this to the Treasury and Congress within 60 days of the bill's enactment, though this rescission does not apply to unused funds belonging to the Department of Defense (DOD) or the Department of Veterans Affairs (VA).
Committee Categories
Budget and Finance
Sponsors (31)
Scott Brown (R)*,
Kelly Ayotte (R),
John Barrasso (R),
Mark Begich (D),
Roy Blunt (R),
John Boozman (R),
Richard Burr (R),
Saxby Chambliss (R),
Susan Collins (R),
Mike Crapo (R),
Michael Enzi (R),
Al Franken (D),
Kay Hutchison (R),
James Inhofe (R),
Johnny Isakson (R),
Mike Johanns (R),
Mark Kirk (R),
Amy Klobuchar (D),
Claire McCaskill (D),
Jerry Moran (R),
Lisa Murkowski (R),
Rand Paul (R),
Rob Portman (R),
Mark Pryor (D),
Jim Risch (R),
Marco Rubio (R),
Olympia Snowe (R),
Jon Tester (D),
John Thune (R),
Pat Toomey (R),
Roger Wicker (R),
Last Action
Read twice and referred to the Committee on Finance. (on 01/25/2011)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/164/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-112s164is/pdf/BILLS-112s164is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s164is/pdf/BILLS-112s164is.pdf.pdf |
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