House Passes Paperwork Mandate Repeal
The U.S. House of Representatives today, Thursday March 3rd,
passed 314 to 112 a bill that would repeal a tax information reporting mandate
included in last year’s health care overhaul bill.
AGC wrote a letter to all Representatives urging them to
support the bill. AGC designated the
vote a “Key Vote” for purposes of its legislative scorecard on issues of
importance to the construction industry.
The new health care law expanded tax information reporting
rules by requiring businesses to issue a Form 1099 for any payments to
corporations (rather than just to individuals) and for any payments for
property (rather than just for services or investment income) that exceed $600
per year, per payee.
The bill, H.R. 4, the Small Business Paperwork Mandate
Elimination Act of 2011, would also repeal the new Form 1099 filing requirement
for taxpayers who rent real property.
The provision was included in the small business lending bill Congress
enacted in September 2010.
The Senate passed its own Form 1099 mandate repeal as an
amendment to a Federal Aviation Administration (FAA) reauthorization bill in
The House and Senate must pass identical legislation before
sending it to the President for his signature.
For more information on the 1099 reporting requirement and
to write your Senators and Representative, use the AGC Legislative Action
Center by clicking here.
For more information, contact Karen Lapsevic at 202-547-4733 or email@example.com.
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