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Senate Votes to Repeal 1099 Requirement

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Senate Votes to Repeal 1099 Requirement

Monday, January 31, 2011

Senators approved, by an 81–17 vote Wednesday, an amendment by Senator Debbie Stabenow (D-MI) to fully repeal the tax provision that requires business to file a 1099 form for all purchases of $600 or more.

The Congressional Budget Office has estimated that repealing the policy would cost roughly $17 billion in lost revenue, which Stabenow’s amendment would offset—and then some—by directing the White House budget office to find $44 billion in appropriated discretionary funds.

A spokesperson for the House Ways and Means Committee said the 1099 repeal is a top priority and will move quickly through the committee. It is also a top priority for employers and small businesses, in particular.