The Senate approved an amendment Wednesday to repeal the expanded 1099 information reporting requirements in the health care reform law. The repeal of the 1099 reporting requirements enjoys broad bipartisan support. The requirements, which were included in the Patient Protection and Affordable Care Act (commonly know as the “Health Care Reform Bill,” would have required businesses to report to the Internal Revenue Service any purchases of goods and services over $600 a year from another business or individual.
In the past, the battle has ensued over how to pay for the measure and cover about $19 billion in estimated lost revenue. To avoid adding to the budget deficit, the amendment authorizes the director of the Office of Management and Budget to cut unnecessary unobligated spending, but exempts the Social Security Administration’s administrative expenses from being cut.
