U.S. Representative Frank A. LoBiondo (NJ-02) today hailed the passage of legislation to repeal the 1099 small business paperwork mandate included in President Obama’s healthcare reform law. The Senate approved this afternoon the House-passed bill (H.R. 4), sending it to the President for his signature or veto.
“Today’s overwhelming bipartisan vote in the Senate sends a clear signal that job-destroying provisions in the healthcare law can and must be repealed,” said LoBiondo. “I have heard from countless South Jersey business owners about this provision and have worked with our local Chambers of Commerce on this issue. The 1099 mandate would have needlessly caused South Jersey employers excessive burdens while discouraging future investments and hiring. The repeal of the 1099 mandate is the first step in our ongoing efforts to create certainty for small businesses.”
Set to take effect in 2012, the provision required small business owners to report to the IRS all payments of more than $600 on 1099 forms. The Senate registered a strong bipartisan vote, 87-12, against the provision.