Posted: September 15th 2010
From WNAX:
An amendment offered by Nebraska Senator Mike Johanns to fully repeal a 1099 Tax reporting provision in the new health care bill failed Tuesday. The provision of the law mandates that every business, charity, and local and state government entity submit 1099 forms for business transactions totaling $600 or more in a given year...
South Dakota Senator John Thune co-sponsored the legislation. Speaking from the Senate floor he urged his collegues to pass the legislation. Thune says the 1099 tax reporting provision is disastrous for nearly 40 million small businesses and it kills jobs. He says it easy to see why so many organizations are oppose it. Thune says its estimated to cost nearly $23,000 per business to comply with the mandate.
South Dakota Farm Bureau President Scott VanderWal says the rule will hurt small business and farmers and they are disappointed the amendment failed.
Johanns says his amendment would have truly helped small businesses and he’s committed to continuing this fight until this provision is repealed. VanderWal says they hope the amendment can be re-attached to another piece of legislation.
