Press Releases
House Votes to Repeal Burdensome Obamacare Small Business Mandates
Washington,
March 3, 2011
With the support of Congressman Bill Posey (R-Rockledge), the U.S. House of Representatives passed H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011, legislation to repeal a provision of the health care law that requires businesses, beginning in 2012, to file an IRS Form 1099 for any payments to corporations that exceed $600 per year per payee.
“This one provision alone would create a paperwork nightmare and an IRS ‘gotcha’ for every small business in America,” said Congressman Posey, a cosponsor of the measure. “Congress needs to remove these kinds of job-killing regulations and replace them with policies that encourage competition, business expansion and job-creation in the private sector.” The Small Business Paperwork Mandate Elimination Act of 2011 will also repeal a further expansion of the IRS Form 1099 reporting requirements, beginning in 2011, as it relates to real estate rental income. According to the Small Business Jobs Act of 2010 (P.L.111-240), absent passage of H.R. 4, any person who receives rental income would be required to file a Form 1099 for any rental property expense payments. |
