The 1099 tax reporting requirement included in last years healthcare reform has been widely criticized and members of both the House and Senate have supported repeal for many months now. The Senate Tuesday voted in favor of repeal, sending the bill to the President’s desk.
The 1099 reporting requirement would have mandated that businesses file a tax reporting document for all vendors from which they buy $600 worth of goods or services within a year. Considered an unnecessary burden on small businesses by many, a repeal effort began last summer.
The bill finally made it through both the House and the Senate, with the Senate voting 87-12, in favor of repeal, and the President is expected to sign the bill into law, even though he worries that the bill does not adequately offset the revenue the 1099 reporting requirement would have provided.
