House votes to repeal 1099 requirementPosted on
The U.S. House of Representatives Thursday passed H.R. 4, which would repeal the IRS requirement that small businesses file Form 1099s to all vendors where the small business made annual purchases over $600, the Marine Retailers Association of America reported.
The requirement is in the health care reform law signed in March 2010.
The MRAA has led a campaign since the bill was passed to repeal the requirement, which it says hurts job creation among marine dealers and other small businesses.
“The additional paperwork created by this new requirement is nonproductive and inhibits job growth. We will now shift focus to the Senate to ensure H.R. 4 will get to the president as soon as possible for his approval,” MRAA chairman Dave Foulkrod said in a statement.