Compliance February 18, 2011
Senate Passes Repeal of HCR 1099 Rule
February 18, 2011 (PLANPSONSOR.com) - The U.S. Senate has approved legislation that would repeal the health care reform law requirement that employers furnish 1099 statements whenever they do more than $600 in business with a corporate vendor, Business Insurance reports.
Reported by PLANSPONSOR staff
According to the news report, the provision is part of the broader bill, S. 223, that the Senate approved Thursday on an 87-8 vote.
The U.S. House Ways and Means committee on Thursday approved two separate pieces of legislation to repeal the Form 1099 reporting provisions (see House Panel OKs 1099 Rule Repeal). A committee news release said the panel concluded markup and vote on both H.R. 4, the “Small Business Paperwork Mandate Elimination Act of 2011,” and H.R. 705, the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.”