Press Releases

Reed Celebrates Repeal of Expanded Irs Reporting Requirements

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Washington, DC, March 4, 2011 | comments
Congressman Tom Reed, who was an original co-sponsor of HR 4, the Small Business Paperwork Mandate Elimination Act of 2011, voted in favor of HR 4 and celebrated its passage this afternoon.  The bill repeals the expanded 1099 reporting requirement imposed as part of the health care reform act passed in 2009.
“We constantly hear from business owners, particularly farmers, that this is a potentially crushing burden for them,” Reed said. “Small businesses and family farms employ the majority of the hard-working middle class in Upstate New York. The expanded 1099 filing requirement is an example of Obama health care over–reach that could threaten those vital jobs.”  Both the National Federation of Independent Businesses and the Farm Bureau supported the repeal of the expanded 1099 requirement, which would require additional IRS reporting and paperwork on any transaction of $600 or more.
The House repealed the entire health care act earlier this year. However separate legislation removing the most egregious aspects of the health care act, such as the 1099 requirement, are necessary to ensure permanent removal regardless of the ultimate disposition of the health care legislation.
“Passage of this bill exemplifies how new members of Congress are moving an agenda of getting government out of the way of business and job growth,” Reed observed.  
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