Today the Senate voted to repeal a tax provision that small businesses aggressively opposed since its inclusion in the Patient Protection and Affordable Care Act of 2010. The provision would have required businesses to issue IRS Form 1099s to all individuals or corporations from which they buy more than $600 in goods or services in a tax year. The provision was wildly unpopular and its repeal was supported by the White House and by Democrats and Republicans in Congress. Since the bill that passed today, sponsored by Senator Mike Johanns (R-Neb), is identical to a bill already passed by the House, the measure now heads to President Obama for his signature.
About SBCRR
The Small Business Coalition for Regulatory Relief (SBCRR) is a coalition made up of small businesses and supporting organizations that are interested in federal regulatory developments. SBCRR provides coalition members with regular updates on regulatory proposals and opportunities for small business to provide input that can positively impact final agency decisions.
SBCRR Subscribers receive information and analysis in advance of the newsletter's web-posting. Additionally, subscribers receive analysis on regulatory proposals, regulatory alerts, and information tailored to their membership or interests. For more information on the cost and availability of an SBCRR subscription, please click here or contact Tom.Sullivan@nelsonmullins.com.
Contact:
Tom Sullivan
202.545.2909
tom.sullivan@nelsonmullins.com
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