The U.S. Senate Monday night failed to pass two amendments repealing a provision in the healthcare reform law that would require all businesses to send 1099 federal tax forms to every individual or company from whom they purchased more than $600 in goods and services throughout the tax year, beginning Jan. 1, 2012.
The amendment offered by Sen. Mike Johanns (Neb.) failed to pass with a vote of 61-35; the amendment by Sen. Max Baucus (Mont.) failed to pass with a vote of 44-53. Two-thirds of the vote would have been needed to pass either amendment.
The Johanns amendment would have been financially offset by federal spending cuts; Baucus' amendment would not have been paid for but would have lowered the cost of repealing healthcare reform, considered a Republican priority.
Reprinted from Livestock Marketing Association