The U.S. Senate voted 81-17 this week to pass an amendment repealing the 1099 reporting requirement included in the healthcare reform law. Senators amended the repeal to a Federal Aviation Administration (FAA) reauthorization bill. Pending Senate passage of the FAA bill, the legislation will go to the House for consideration.
The American Sheep Industry Association was one of more than 25 agriculture organizations sending letters to U.S. senators urging their support for a repeal of this onerous provision. Under the new reporting rules set to take effect in 2012, 1099 forms would be required for all business transactions over $600.