Obama Signs Measure Into Law Repealing Expanded Form 1099 Rules

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President Obama signs into law legislation to repeal new Form 1099 information rules deemed burdensome by businesses of all sizes, marking Congress's first successful rollback of Obama's signature health care overhaul. The legislation (H.R. 4) repeals language from the 2010 health care law requiring businesses to issue a Form 1099 for payments to corporations for goods and services that exceed $600 per year to each vendor. It also repeals an expansion of those rules to include landlords, which was enacted under a small business law.