Industry Applauds Congressional Passage of 1099 RepealApril 5th, 2011 | Category: Industry News
The Senate today approved legislation supported by many in the industry to repeal a burdensome tax paperwork requirement that could have cost small businesses thousands of dollars each year. The bill repeals expanded 1099 requirements in the healthcare law, and now goes to President Obama for his approval.
In March, during its legislative conference, leaders of both the National Lumber and Building Material Dealers Association and the Window and Door Manufacturers Association urged its members to encourage their Congressional members to repeal this burdensome requirement. Members took that message to Capitol Hill during their legislative visits that took place during the meeting.
If passed, the 1099 rule would have stipulated that companies who purchase more than $600 in services from any vendor would have to file a 1099 form.
“WDMA welcomes today’s Senate vote to repeal the form 1099 reporting requirement that would have buried small manufacturers in paperwork,” says Colleen Levine, WDMA director, legislative affairs. “The strong bipartisan vote demonstrates the support garnered by WDMA members through their visits at last month’s legislative conference and through calls and e-mails to legislators over the past year. Today’s vote to send the Small Business Paperwork Reduction Act (H.R. 4) to the President for his signature underscores the impact manufacturers can have in rolling back over-reaching and cumbersome regulations that impact window, door and skylight manufacturers and our customers.”
The National Association of Home Builders (NAHB) also lobbied for repeal of the rule.
“In testimony before Congress and in ‘key vote’ letters to House and Senate leaders, we have spelled out how failing to overturn these rules would kill jobs and place a major paperwork and cost burden on home builders,” says NAHB chairman Bob Nielsen, a home builder from Reno, Nev. “We applaud Congress for acting to rectify this situation and urge the President to quickly sign this measure into law.”
The Senate passed the Small Business Paperwork Mandate Elimination Act of 2011 (H.R. 4) with a vote of 87 to 12. It had previously been approved by the House.