Senate votes to repeal 1099 requirement

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The U.S. Senate Tuesday passed the Small Business Paperwork Mandate Elimination Act, which repeals the 1099 tax-reporting requirement established in the health care overhaul law that passed last year, the National Marine Manufacturers Association reported.

The bill, which passed the House last month, now goes to President Obama, who is expected to sign it.

The 1099 provision would have required businesses to send a 1099 tax form and collect W-9 information from every vendor it purchases more than $600 worth of goods or services from each year.

According to the Small Business Administration, 97.4 percent of boatbuilders are considered small businesses and 94.8 percent of boat dealers have annual receipts of less than $10 million.

The NMMA and Marine Retailers Association of America have urged that the provision be repealed.

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