Repeal Of New 1099 Rules

The U.S. Senate has voted to repeal the new 1099 reporting requirement in the health care overhaul. The amendment to repeal the 1099 reporting requirement passed 81-17 with broad bipartisan support. The House is expected to approve the repeal next week.

The provision would have required business owners to file 1099 tax documents on all cumulative purchases from a single vendor that total more than $600 in a year.

The repeal will be paid for by requiring the Office of Management and Budget to find the funding in unspent budget appropriated funds. ◆