House approves repeal of 1099 reporting requirements
By Sara Wyant
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, March 3 - The U.S House of Representatives voted to repeal the 1099 filing provision in the 2010 health care legislation in a bipartisan vote of 314-112. Every Republican and 76 Democrats supported the bill introduced by Ways and Means Committee Chairman Dave Camp, D-Mich., which would eliminate language establishing IRS reporting requirements for companies and property owners on transactions valued at $600 or more.
The measure was paid for by increasing the amount of health insurance subsidies that could be recaptured in cases where a family's income exceed certain thresholds. The U.S. Senate has approved a similar repeal bill, but would pay for the elimination of the regulation by tapping unused federal funds.
In an effort to synchronize long-fought 1099 repeal efforts in both houses of Congress, U.S. Sen. Mike Johanns, R-Neb., introduced stand-alone legislation last month that mirrors the House bill.
Democratic Whip Steny H. Hoyer, Md., said he supports repeal of the 1099 reporting requirements, but “due to the manner in which this bill is paid for, I cannot support today's legislation, as it would increase the burden on middle class Americans.
“The American people want Congress to come together and solve problems like this. I hope both sides can reach an agreement and identify an offset that will make it through both chambers and be signed into law by the President, so that we can ease the burden on small businesses by repealing the 1099 provision in the near future.”
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