In yet another missed opportunity, the United States Senate failed to remove the 1099 reporting requirement, which was included as a revenue-raising provision within the health care law. The rule will require businesses to issue 1099 reporting forms to all vendors from whom they buy more than $600 of goods or services in any year, beginning in 2012. There was majority support to repeal the rule during a series of votes earlier this week, but senators could not agree on how to fund the lost revenues. (The repeal vote required a super-majority of 67 votes for passage.)
SEMA will continue to pursue a full repeal of the 1099 reporting provision. There should be another opportunity to resolve the funding dispute, which is holding up the 1099 repeal when lawmakers take action on the tax-extenders package in December. SEMA has worked with several small-business coalitions, including the National Federation of Independent Business (NFIB), to remove the provision.
Please contact your United States Senators (click here to find your senators) in support of this repeal to ensure that small businesses can continue to remain focused on recovery and growth. For more information, please contact Dan Sadowski, congressional affairs manager, at email@example.com.