Senator Jim Webb – Cutting Red Tape for Small Businesses

February 03, 2011
Stay Connected: http://webb.senate.gov/

Yesterday, I voted to pass an amendment to eliminate a 1099 tax form reporting requirement that was enacted under the federal health care reform law last year. I was an original cosponsor of the amendment, which the U.S. Chamber of Commerce announced it “strongly supports.”

I have now voted four times to eliminate this unfair burden. Yesterday’s vote demonstrates that Congress is willing to resolve concerns about the health care reform law in a bipartisan way.

A 1099 form is used to report to the IRS income other than salaries, tips, and wages. The amendment, introduced by Senator Debbie Stabenow of Michigan, repeals a provision that requires businesses to file a 1099 form with the Internal Revenue Service for each vendor with whom they have at least $600 in transactions. Small businesses have expressed concerns about the potential burden posed by the added reporting requirements.

For regular updates and to find out more information on this and other issues of interest to you, please visit my website at www.webb.senate.gov.

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