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Federal Tax Day .... Form 1099 Regulatory Relief Bills (Feb 18, 2011)

Friday, 18 February 2011 17:10

Federal Tax Day - Current, C.1 House Tax Panel Approves Form 1099 Regulatory Relief Bills, (Feb. 18, 2011)

The House Ways and Means Committee approved legislation on February 17 that would repeal the Form 1099 reporting requirement imposed by the Patient Protection and Affordable Care Act (P.L. 111-148). The committee approved the Small Business Paperwork Mandate Elimination Bill of 2011 (HR 4) and the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Bill of 2011 (HR 705). According to Committee Chairman Dave Camp, R-Mich., the legislation would relieve individual taxpayers and small businesses of the burden of reporting millions of small transactions to the IRS.

The Joint Committee on Taxation estimated that HR 705 would cut the deficit by $166 million over 10 years if it became law. Camp called the legislation a victory for America’s small businesses, families and individuals. HR 4 was approved by a voice vote and HR 705 was approved by a 21-to-15 vote.

Committee Democrats charged that the revenue raised by HR 705 to offset the cost of the 1099 repeal bill would come from middle-class families that would have to repay health care tax subsidies.

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