Senate Repeals 1099 Tax Measure

The Hill reports:

After a months-long battle, the Senate voted Tuesday, 87 to 12, to repeal the 1099 tax-reporting requirement in Democrats’ healthcare reform bill.

The measure now goes to the president, who is expected to sign it, making it the first part of his party’s signature reform bill to be scrapped.

The measure, initially included as a funding measure for the healthcare bill, does away with the requirement for companies to report to the IRS transactions valued at more than $600. While the provision has had few backers in either party, debate over its repeal had dragged on for months.

"This is a big win for small business and, more importantly, I hope it’s the first of many successful repeal votes related to the disastrous healthcare bill passed by Democrats last year,” Senate Minority Leader Mitch McConnell (R-Ky.) said Tuesday before the vote.

The House easily passed the same repeal, 314-112, earlier this month. In that vote, every Republican and 76 Democrats supported the bill.  

In a statement, the White House said it was "pleased Congress has acted to correct a flaw that placed an unnecessary bookkeeping burden on small businesses."