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Amendments to Repeal 1099 Provision Set for Vote on November 29

The U.S. Senate is set to consider two amendments on November 29 that would repeal a provision of the healthcare law requiring that 1099 forms...
November 23, 2010

The U.S. Senate is set to consider two amendments on November 29 that would repeal a provision of the healthcare law requiring that 1099 forms be filed with the IRS for all transactions over $600.

A bill by Sen. Mike Johanns (R-Neb.) would repeal the requirement. A separate bill by Sen. Spencer Baucus (D-Mont.) would also repeal it. The Johanns' measure covers the cost by using unspent and unobligated federal money, while the Baucus version adds about $17-19 billion to the federal deficit.

What It Means to Agents: PIA strongly supports repeal of the 1099 provision. The expanded 1099 requirement places an onerous burden on small businesses, erodes competitiveness, and jeopardizes our nation's economic recovery.