WASHINGTON, D.C. —Action by the Senate today passing a bill repealing the onerous Form 1099 requirement is great news for America’s farm and ranch families, according to American Farm Bureau Federation President Bob Stallman.
“This was a costly, burdensome and unnecessary tax compliance requirement that was counterproductive to job creation and economic growth,” Stallman said. “Farmers, ranchers and small businesses are overloaded with paperwork, and we are pleased that our leaders in Washington took steps to provide relief. Farm Bureau commends the Senate for passing H.R. 4, and we urge President Obama to sign it.”
The health care law contains a provision set to begin in 2012 requiring that businesses submit a Form 1099 to the Internal Revenue Service for every vendor from which they purchase $600 or more worth of goods or services. H.R. 4, passed by both the House and the Senate, would repeal this new requirement.
Source: American Farm Bureau Federation