On Tuesday, April 5th, the Senate passed a bill that would repeal the 1099 reporting requirements outlined in the Health Care Act and Small Business Jobs Act. The bill is now directed to President Obama for signature. Both parties supported the bill with a lopsided 87 to 12 vote. Senator Mike Johanns of Nebraska stated the passing of the bill was a “victory in common sense.”
In order to offset the $22 billion projected lost revenue from the Health Care Act, the House offered a measure based on the subsidies people receive to purchase health insurance under the Health Care Act. The House’s proposal will require taxpayers who receive a larger subsidy that they are allowed to return the overpayment to the government. Democrats call this proposal a tax increase on the middle class so this measure will likely be debated. For right now, we can at least celebrate the repeal of this unnecessary administrative burden!
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