WASHINGTON, April 5, 2011 /PRNewswire-USNewswire/ -- The Senate today passed legislation to repeal the expanded 1099 reporting provision that was included as a pay-for in the Patient Protection and Affordable Care Act (PPACA). This egregious provision would have drastically expanded the number of companies on which small firms must file a 1099 report from 10 to 86.
"NSBA applauds the efforts made in the Senate and House to repeal this huge thorn in the sides of America's small businesses," stated National Small Business Association President Todd McCracken. "After a year of political wrangling over how to offset the cost despite broad support of repeal, this was clearly a vote in support of small business."
Nearly one year ago, Congressman Dan Lungren (R-Calif.) introduced a bill to repeal the expanded 1099 reporting provision, which gained broad, bipartisan support. The House passed the most recent iteration of Lundgren's bill, H.R. 4, on March 3, 2011. In the Senate, Sen. Mike Johanns (R-Neb.) led the charge for 1099 repeal and most recently offered mirror language to H.R. 4, which today was approved 87 – 12 by the Senate, sending H.R. 4 to the President's desk for his signature.
"Today's Senate vote sends a clear message to America's small-business owners: we hear you," stated Larry Nannis, CPA, NSBA chair and shareholder at Levine, Katz, Nannis + Solomon, P.C. "Our hope is that our concerns on the 1099 issue are heard on both ends of Pennsylvania Ave., and on the myriad other issues facing small business."
From the beginning, NSBA has been an outspoken opponent of the expanded 1099 reporting provision. We are now calling on the President to act on his previous statements in support of repealing the 1099 provision and promptly sign H.R. 4 into law.
Please click here for more details on NSBA's opposition to the expanded 1099 provision.
Since 1937, NSBA has advocated on behalf of America's entrepreneurs. A staunchly nonpartisan organization, NSBA reaches more than 150,000 small businesses nationwide and is proud to be the nation's first small-business advocacy organization. For more information, please visit www.nsba.biz.
SOURCE National Small Business Association