1099 Repeal Bill Ready for Obama SignatureTue, 05 Apr 2011 17:44:26 CDT
Tuesday afternoon the U.S. Senate voted 87 to 12 passing H.R. 4. The bill repealing expanded 1099 business reporting requirements. These new requirements were part of last year’s health care law. The repeal document now goes to the President who has indicated an eagerness to sign it. Republicans hope other such bills will follow, resulting in the entire health care law being scrapped.
The section of the health bill involved would have require millions of businesses to file tax forms for every vendor selling them more than 600-dollars in goods each year, starting in 2012. The requirement was projected to raise nearly 25-billion dollars over the next decade by ensuring that vendors pay their taxes.
Many farm organizations lobbied legislators for repeal, citing the increased load of paperwork for farmers. Lawmakers from both parties agreed; saying the filing requirement could create a paperwork nightmare for businesses and the Internal Revenue Service.
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