S.164 - Withholding Tax Relief Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Brown, Scott P. [R-MA] (Introduced 01/25/2011)|
|Committees:||Senate - Finance|
|Latest Action:||01/25/2011 Read twice and referred to the Committee on Finance.|
|Notes:||For further action, see H.R.674, which became Public Law 112-56 on 11/21/2011.|
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Summary: S.164 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (01/25/2011)
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.