SAN JOSE, Calif., March 4, 2011 /PRNewswire/ -- The Santa Clara County Association of REALTORS® applauds Congress for repealing H.R. 4, the Small Business Paperwork Mandate Elimination Act, an expanded version of the 1099 reporting requirements passed in the Health Care overhaul.
Congress voted Thursday by a 314-112 margin to repeal the bill. Businesses already must file Form 1099s with the IRS when they purchase more than $600 in services from a vendor in a year. The new provision would extend the requirement to the purchase of goods, starting in 2012.
The provision would add unnecessary bookkeeping burden for small business owners, many of whom are already swamped by government paperwork.
"We support the repeal of the new 1099 reporting requirements," said Mike Sibilia, President of the Santa Clara County Association of REALTORS®. "Given our fragile economy, we need to be doing more to encourage businesses to grow and thrive, and this tax provision would serve to do the opposite."
SCCAOR President Mike Sibilia can be reached for comments at [email protected] or 408.540.1711.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent 7,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.
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SOURCE Santa Clara County Association of REALTORS