U.S. Senator Claire McCaskill today applauded the passage of a bill she co-sponsored to repeal the burdensome 1099 tax reporting requirement included in the healthcare law. The Small Business Paperwork Mandate Elimination Act eliminates the new requirement that businesses file forms to the IRS for every vendor with which they have at least $600 in transactions for purchases of goods. The cost of this change is fully offset, and it will not add to the deficit. The legislation passed with a vote of 87-12 and will be sent to the president’s desk to be signed into law.
“I’m pleased we were able to come together to make a necessary improvement to our new healthcare law to remove a provision that unintentionally placed a burden on our small businesses. This is an important step as we continue to focus on ways to help small businesses create jobs,” McCaskill said.
This provision created unnecessary costs and an unmanageable amount of paperwork for small businesses and has been one that both Republicans and Democrats quickly recognized needed to be changed. McCaskill has long supported eliminating the 1099 reporting provision, and she has voted several times over the past few months to repeal the provision.
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