Many Push for Repeal of Tax Provision in Health Law
From The New York Times:
Many Democrats have joined Republicans in pushing for the repeal of a tax provision in the new health care law that imposes a huge information-reporting burden on small businesses.
To improve compliance, the law requires businesses to file a 1099 tax form identifying anyone to whom they pay $600 or more for goods or merchandise in a year. Businesses will also have to send copies of the form to their vendors, suppliers and contractors.
The White House is nervous about a repeal, fearing that it could set a precedent for rolling back other unpopular features of the law.
Under the law, businesses will be required to report purchases of items like office equipment, food and bottled water, gasoline, lumber and plumbing supplies if payments to any vendor in the course of a year total at least $600. They will, in many cases, also have to report payments for things like travel and telephone and Internet service.
The reporting requirement was in the health care overhaul bill unveiled in mid-November by the Senate Democratic leader, Harry Reid of Nevada. But it drew little attention at the time — it was one of more than 15 revenue-raising measures in the bill — and many lawmakers were apparently unaware of it when they voted for final passage of the legislation.
Many Democrats have joined Republicans in pushing for the repeal of a tax provision in the new health care law that imposes a huge information-reporting burden on small businesses.
To improve compliance, the law requires businesses to file a 1099 tax form identifying anyone to whom they pay $600 or more for goods or merchandise in a year. Businesses will also have to send copies of the form to their vendors, suppliers and contractors.
The White House is nervous about a repeal, fearing that it could set a precedent for rolling back other unpopular features of the law.
Under the law, businesses will be required to report purchases of items like office equipment, food and bottled water, gasoline, lumber and plumbing supplies if payments to any vendor in the course of a year total at least $600. They will, in many cases, also have to report payments for things like travel and telephone and Internet service.
The reporting requirement was in the health care overhaul bill unveiled in mid-November by the Senate Democratic leader, Harry Reid of Nevada. But it drew little attention at the time — it was one of more than 15 revenue-raising measures in the bill — and many lawmakers were apparently unaware of it when they voted for final passage of the legislation.
posted by Sid Cottingham | 8:03 AM
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