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Wednesday, the IIABA or the Big “I” issued the following statement lauding passage of an amendment in the United States Senate that would repeal a provision in the new health care law that will require all businesses to file a Form 1099 for any business-to-business transaction for goods or services over $600 (cumulative throughout the tax year) starting in 2012. The amendment, offered by Sen. Debbie Stabenow (D-Mich.) to S. 223, the “FAA Air Transportation Modernization and Safety Improvement Act,” passed the Senate. The bill now goes to the House of Representatives for approval.
“The mountains of paperwork small businesses will be required to process in order to comply with this burdensome new provision will drain already scarce resources and prevent investment in job growth and business expansion at a delicate point in the American economy. Thousands of independent insurance agents and their many small business clients will be negatively impacted once the full force of this measure is felt. While we are encouraged by widespread congressional support for repeal of the 1099 form provision, we call on members from both political parties to get on the same page regarding the details. The Senate’s action today is a positive step towards repeal of this onerous requirement, ” said Charles Symington, Big “I” senior vice president of government affairs.