WASHINGTON – United States Senator Mary L. Landrieu, D-La. Chair of the Senate Committee on Small Business and Entrepreneurship, today introduced legislation with Senate Finance Committee Chairman Max Baucus, D-Mont., to repeal the Form 1099 reporting requirement. Repealing the new requirements set to take effect in January 2012 would keep the current reporting requirement in place.
“This new regulation was put in the health care reform legislation passed last year,” Senator Landrieu said. “It is far too burdensome for small businesses to handle and I am happy to continue fighting to have it removed. Already, small businesses are facing too many regulatory burdens that interfere with the day-to-day operations of their business, and this new regulation is just not smart.”
In the 111th Congress, Senator Landrieu introduced legislation supporting the full repeal of the Form 1099 reporting requirement. The U.S. House of Representatives has a similar piece of legislation pending, H.R. 4, introduced by Representative Daniel Lungren, R-Calif.
To view the full text of the legislation introduced by Senators Landrieu and Baucus, please click here.