WASHINGTON – United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship, today announced that she has introduced legislation together with Senate Finance Committee Chairman Max Baucus, D-Mont., and Senators. Mark Begich, D-Ala., Debbie Stabenow, D-Mich., Jeanne Shaheen, D-N.H., and Scott Brown, R-Mass., that would repeal the expanded Form 1099 reporting requirement set to take effect in 2012.
“Businesses in Louisiana and across the country have made it clear that expanded Form 1099 reporting is not something they can handle,” Sen. Landrieu said. “Placing another regulatory burden on the very businesses that we are counting on to create jobs is just not smart. We have taken some important steps this year to improve the economic outlook for small businesses. I am committed to reducing regulatory burden for them when I can.”
In addition to reducing the regulatory burdens small businesses face, Senator Landrieu successfully led the effort for the Small Business Jobs Act of 2010 which provided over $12 billion in tax cuts for small businesses, strengthened the core Small Business Administration (SBA) programs by eliminating borrower fees and providing higher government guarantees and provided small businesses with greater access to credit through a strategic partnership with community banks.