WASHINGTON – U.S. Senator Benjamin L. Cardin (D-MD), today applauded Senate passage of an amendment to the FAA Reauthorization bill that repeals the expanded Form 1099 reporting requirement for small businesses. Senator Cardin, a member of the Senate Small Business and Entrepreneurship Committee, was a co-sponsor of the amendment, which was offered by U.S. Senator Debbie Stabenow (D-MI) and that passed 81-17 Wednesday evening.
"I applaud the Senate for acting swiftly in passing a provision that repeals the expanded 1099 reporting requirement for small businesses,” said Senator Cardin. This is a burdensome provision that would have been costly for small businesses to implement. The new health care law gives small businesses important tools, such as tax credits and access to exchanges, so that they can offer affordable coverage to their employees. As the heart of our nation’s economic engine, small businesses must have the support they need to create new jobs and build our economy.”
The amendment, which is revenue neutral, repeals Section 9006 of the Affordable Care Act, which became law in March 2010. Section 9006 was designed to improve compliance with IRS rules for reporting payments for goods and certain services. Senator Cardin also cosponsored similar legislation in the 111th Congress.