WASHINGTON - Following actions by Congress last week to repeal the 1099 reporting requirement included in last year’s health care law, President Obama signed the legislation into law Thursday.
Under the terms of the repeal, businesses will no longer be required to issue 1099 forms to all vendors from whom they buy more than $600 worth of goods or services in any year, beginning in 2012. The requirement was intended to prompt vendors receiving 1099 forms to pay taxes on the income.
“I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law," President Obama said. "Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork.”
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