Tuesday, March 15, 2011

"To Be Or Not To Be?" 1099 Requirement under Health Reform (PPACA)

Killing the requirement that all business and property owners provide to anyone they paid more than $600 in goods and services a 1099, has made it quickly through the House 314 -112.   HR 4, was supported by every Republican and 76 Democrats.  The loss of income to the Fed is approximately 25 billion dollars.  Republicans wanted to pay for this by modifying repayments of health care tax credit overpayments to those beneficiaries of subsidized coverage who no longer qulaify for the benefit.  The bill has moved to the Senate where it is likely to be passed but has stalled a bit becuase they do not like the way the house Republicans wanted to pay for it.  Senate Majority leader Reid, D-Nev, announced he has postponed plans to bring the bill to the Senate floor because Democrats were unable to reach an agreement on the bill over concerns about the offsets used to pay for the bill. 

Both the House and Senate want this part of the law killed.  It is a huge burden on business.  Another piece of PPACA to be removed.  Wonder whats next?