House panel votes to repeal 1099 reporting requirement

WASHINGTON—The House Ways and Means Committee on Thursday unanimously approved legislation that would to repeal a health care reform law requirement that employers to furnish 1099 statements whenever they do more than $600 in business with a corporate vendor.
The measure, H.R. 4, now goes to the full House.

A similar proposal passed the Senate this month with strong bipartisan support. By the end of the week, the Senate is expected by supporters to approve the broader bill, S. 223, which authorizes funds for the Federal Aviation Administration.

Small employers in particular have complained that the 1099 reporting requirement that is scheduled to go into effect in 2012 is too great a burden.

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