Carolinas AGC Celebrates Repeal of 3 Percent Tax Withholding Mandate

CHARLOTTE, N.C., Nov. 10, 2011 /PRNewswire-USNewswire/ -- Carolinas Associated General Contractors (Carolinas AGC) and its member firms celebrate the repeal of the 3 percent tax withholding mandate voted on today by the U.S. Senate. With construction firms in no position to provide interest-free loans to the Federal Government, repeal of the tax withholding measure will boost the economy.

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Cynthia Mills, President & CEO of Carolinas AGC stated, "In September, Carolinas AGC Board members traveled to Washington, D.C. to meet with legislators carrying the message, along with contractors across the country, that this was one of several critical actions needed to assist the nation's hardest hit industry to recover. We are relieved to see one barrier removed as our members seek to be active players in the restoration of our nation's economy." 

The chief executive officer of the Associated General Contractors of America (AGC), Stephen E. Sandherr, issued the following statement in response to the Senate vote (by a margin of 95 to 0 with one Senator voting present) to repeal the 3 percent tax withholding mandate:

"An overwhelming, bipartisan majority of Senators understand that repealing the 3 percent tax withholding mandate is essential to boosting economic growth. With construction activity down by $400 billion and the industry's unemployment rate at 13.7 percent, the last thing construction employers need is to be forced into giving interest-free loans to the federal government. That is why today's Senate vote comes as welcome news for construction firms, workers and taxpayers alike. As our members made clear in a recently released survey, many firms will be better able to offer positions to the veterans this legislation also supports without the enormous cost of this measure looming."

Carolinas AGC represents contractors and construction-related firms in North Carolina and South Carolina, and serves as a chapter of AGC of America and ARTBA. Together with its 2,300 members across both states, Carolinas AGC is the voice of the construction industry. Visit Carolinas AGC at www.cagc.org.

Contact in NC: Dave Simpson, CAGC NC Building Division Director, 919-781-3270, ext. 5724, [email protected]

Contact in SC: Leslie Hope, CAGC SC Government Relations & Divisions, 803/799-5380 ext. 5515, [email protected]

SOURCE Carolinas Associated General Contractors

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