1099 repeal near?

This article was originally printed in Numismatic News.
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A bipartisan bill in the Senate that would repeal the unpopular 1099 provision in the healthcare law garnered 60 co-sponsors on Jan. 27, giving the legislation its best chance at passage so far.

Since Sens. Joe Manchin, D-W.Va., and Mike Johanns, R-Neb., introduced the bill, lawmakers have quickly signed onto the measure, which would eliminate the requirement that businesses file the forms to the IRS for every vendor with which they have at least $600 in transactions.

The measure has the support of 45 Republicans and 15 Democrats.

Johanns failed twice last year to push through a bill, even though Democrats, Republicans and the White House agreed that the provisions would place an “onerous burden” on businesses.

He credited President Obama’s backing of the repeal, combined with lawmakers learning about the issue, for his bill’s fast popularity in the 112th Congress.

“We can start right now by correcting a flaw in the legislation that has placed an unnecessary bookkeeping burden on small businesses,” Obama said in his State of the Union address on Jan. 25.