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Member, Beacon International Group, Ltd.
WASHINGTON—The House of Representatives on Thursday approved legislation on a 314-112 vote to repeal a health care reform law provision requiring employers to furnish 1099 statements when they do more than $600 in business with a corporate vendor.
The House action on H.R. 4 sets up a showdown with the U.S. Senate, which approved a somewhat different repeal provision as part of a broader measure, S. 223, that would authorize funds for the Federal Aviation Administration. The House bill would require those who received federal health insurance premium subsidies to repay the subsidies if they later ended up earning too much to qualify. The Senate bill lacks such a requirement.
It isn't clear yet whether congressional leaders will set up a conference committee to iron out a compromise bill or whether leaders will try to work out a deal on their own.
In a policy statement issued this week, the Obama administration said it supports repeal of the 1099 reporting requirement, which is scheduled to go into effect in 2012. The administration said the reporting burden on employers, especially small businesses, would be too great.
WASHINGTON—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.