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Senate Votes to Repeal 1099 Provision

WASHINGTON ( TheStreet) -- Congress is one step closer to repealing the IRS 1099 reporting requirement that small-business owners were finding such a burdensome part of health care reform.

The Senate voted 81-17 late Wednesday to pass an amendment to the FAA Air Transportation Modernization and Safety Improvement Act, S. 223 that would do away with the provision.

President Barack Obama called for repeal of an IRS reporting rule small businesses felt would be burdensome, and the Senate has acted.

The quick turnaround in the Senate comes on the heels of President Barack Obama's call for repeal during his State of the Union Address last week.

As part of the health care reform act passed a year ago, beginning in 2012 business owners would have to use 1099 IRS tax forms for all transactions greater than $600 each year. Business owners and trade organizations claimed the rule would create too much red tape for a small firm.

The House has yet to pass a version of the repeal. At least four proposals are working their way through the House of Representatives, two of which originally came from the Senate.

-- Written by Laurie Kulikowski in New York.

To contact the writer of this article, click here: Laurie Kulikowski.

To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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