S. 1726 (112th): Withholding Tax Relief Act of 2011

112th Congress, 2011–2013. Text as of Oct 18, 2011 (Placed on Calendar in the Senate).

Status & Summary | PDF | Source: GPO

II

Calendar No. 205

112th CONGRESS

1st Session

S. 1726

IN THE SENATE OF THE UNITED STATES

October 17, 2011

introduced the following bill; which was read the first time

October 18, 2011

Read the second time and placed on the calendar

A BILL

To repeal the imposition of withholding on certain payments made to vendors by government entities.

1.

Short title

This Act may be cited as the Withholding Tax Relief Act of 2011.

2.

Repeal of imposition of withholding on certain payments made to vendors by government entities

The amendment made by section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 is repealed and the Internal Revenue Code of 1986 shall be applied as if such amendment had never been enacted.

3.

Rescission of unspent federal funds to offset loss in revenues

(a)

In General

Notwithstanding any other provision of law, of all available unobligated funds, $30,000,000,000 in appropriated discretionary funds are hereby permanently rescinded.

(b)

Implementation

The Director of the Office of Management and Budget shall determine and identify from which appropriation accounts the rescission under subsection (a) shall apply and the amount of such rescission that shall apply to each such account. Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress of the accounts and amounts determined and identified for rescission under the preceding sentence.

(c)

Exception

This section shall not apply to the unobligated funds of the Department of Defense or the Department of Veterans Affairs.

October 18, 2011

Read the second time and placed on the calendar