Reuters reports that the Senate voted 87-12 to pass the legislation that repeals a requirement for businesses and landlords to file a Form 1099 document with the Internal Revenue Service for purchases of goods and services exceeding $600 a year. Reuters noted that the provision was intended to help pay for the health care law, but business groups are worried about an avalanche of paperwork.
The legislation earlier was passed by the House of Representatives (see Form 1099 Repeal Measure Passes U.S. House) and now goes to President Obama, who is expected to sign it into law.According to the news report, the bill adjusts the health insurance tax subsidies to be given to middle-income people under the health care law. It would require anyone who receives excessive tax subsidies for health insurance to pay back a greater share than currently required under the law.
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