President Obama signed legislation Thursday repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.
Congress succeeded in repealing the 1099 requirements earlier this month after numerous votes on competing versions of the legislation (see
“This is a big win for small businesses,” wrote SBA Administrator Karen Mills in a
House Ways and Means Committee Chairman Dave Camp, R-Mich., praised the repeal. “After nearly a year-long battle to repeal the onerous 1099 provisions enacted by Democrats, I am pleased the President has now signed their repeal into law,” he said. “On the eve of Tax Day, small businesses can finally breathe a huge sigh of relief that one of the many burdens the Democrats’ health care law would have placed on them has been repealed. Instead, small businesses can focus more of their energies and resources on creating jobs, not filling out yet another form for the IRS.”