The House Ways and Means Committee approved the legislation by voice vote Thursday, and House aides said GOP leaders were aiming to bring the bill to the full chamber next week.
The withholding rule became law in 2005 but was never implemented and, as a result of the 2009 stimulus bill, was delayed until the end of this year. Earlier this year, the Internal Revenue Service delayed the rule again until the end of 2012.
President Obama’s jobs proposal calls the withholding rules “burdensome withholding requirements that keep capital out of the hands of job creators.”
The Defense Department said in a recent report that the Chinese government has been pursuing its military modernization goals through legal and illicit means, procuring foreign technology through legal means but also engaging in clandestine operations to gain access to regulated or export-restricted material, the DoD stated in its report to Congress.