Senate Spurns Changes to Form 1099 Reporting

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The Senate rejects two amendments that would have eased or repealed new Form 1099 information reporting requirements as part of the small business bill (H.R. 5297), but Democrats say they intend to pursue separate action to ease the rules in coming months. Small Business and Entrepreneurship Committee Chairwoman Landrieu notes that the information reporting issue does not need to be addressed in the small business lending and tax incentives bill currently on the Senate floor because it does not go into effect immediately “but, as I've committed, we're going to repeal it and we'll try to do it … before the first of the year.” Lawmakers press ahead with a cloture vote on Finance Committee Chairman Baucus's substitute amendment (S. Amdt. 4594), moving the underlying bill a step closer to passage.