Wednesday, December 1, 2010

Senate rejects repeal of Form 1099 provision from health reform law

The Senate fell six votes short of repealing health reform’s Form 1099 provision yesterday, by a vote of 61-35. According to the Patient Protection and Affordable Care Act (PPACA), businesses will be required to file a Form 1099 for every vendor that sells them more than $600 in goods. The measure was added to the health reform law as a way to collect as much as $19 billion in additional tax revenue to offset the cost of new insurance mandates.

Proponents of repeal have stated that they will introduce the measure again after the 112th Congress convenes in January.

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