Senate Approves Repeal of 1099 Provisions
msnbc.com reports:
In a bipartisan vote of 81-17, the Senate just voted to stripe the health care law of a controversial tax measure, the so-called 1099 provision.
It's a reporting requirement tucked into the law that mandates businesses submit IRS tax form 1099 for every vendor it pays more than $600.
It was designed to prevent vendors from underreporting income to the IRS while simultaneously offsetting the cost of the health care law. Instead, opponents say, it will create a paperwork nightmare for small businesses and the IRS.
The bill now moves to the House.
