The Senate today didn't repeal health care reform, but it did get rid of a provision that would impose a major paperwork burden on small businesses next year.
All 47 Republicans voted for an amendment to repeal the health care reform law enacted last year, but all 51 Democrats present voted against it. The amendment, which would have been added to legislation reauthorizing the Federal Aviation Administration, needed 60 votes in order to be approved.
But by an 81-17 vote, the Senate did pass an amendment that would repeal a health care reform provision that requires businesses to file 1099 forms with the Internal Revenue Service any time they spend more than $600 a year with any other business. That requirement, which is scheduled to go into effect in 2012, is a significant expansion of the current 1099 reporting requirement, which applies only to payments to unincorporated service providers.
Senators agreed with small businesses that complying with this requirement would be a nightmare. The only question was to how make up for the revenue that the provision was designed to generate. In theory, third-party reporting of payments to businesses makes them less likely to hide income from the IRS.
rest at http://www.portfolio.com/views/blogs/capital/2011/02/02/senate-votes-to-repeal-1099-health-care-requirement
No comments:
Post a Comment