Obama Signs 1099 Repeal Bill.

Nahu Newswire

The AP (4/15) reports, “President Barack Obama has signed the first rollback of last year’s healthcare law, a bipartisan repeal of a burdensome tax-reporting requirement that’s widely unpopular with businesses.”

        The Washington Post (4/15, Sonmez) “2chambers” blog reports, “The move marked the first successful effort by Congress to repeal a portion of Obama’s signature health-care legislation.” Last week, the Senate “voted 87-to-12 to repeal the 1099 provision. The House passed the measure in March on a bipartisan 314-to-112 vote.” The White House announced that the President had signed the bill into law, and said that the measure “repeals the expansion in the Affordable Care Act of requirements for businesses to report information to the Internal Revenue Service on payments for goods of $600 or more annually to other businesses and increases the amount of overpayment subject to repayment of premium assistance tax credits for health insurance coverage purchases through the Exchanges established under the Affordable Care Act.”

Reuters (4/15, Zakaria) quotes the President as stating, “I was pleased to take another step to relieve unnecessary burdens on small businesses.” He added, “Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork.” Bloomberg News (4/15, Rubin) also covers the story.


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