Senate Sets Vote on House-Passed Form 1099 Repeal Bill

The Senate will vote April 5 on a House-passed bill (H.R. 4) that would repeal new Form 1099 information reporting rules deemed burdensome by businesses of all sizes, but passage would require 60 votes, Senate Majority Leader Harry Reid (D-Nev.) announced late March 31. The underlying bill would kill the rules requiring businesses and landlords to issue a Form 1099 for payments to corporations for goods and services that exceed $600 per year to each vendor and pay for its nearly $25 billion cost by making an adjustment to the premium assistance tax credits enacted in the 2010 health care law (Pub. L. No. 111-148).