Monday, April 11, 2011

Senate votes to repeal 1099 provision in health reform law

The Senate voted on Tuesday, April 5th, to repeal the 1099 provision in the health reform law, which would have required businesses to issue a 1099 for all vendors from which they purchase $600 worth of goods or services during the year.  The original provision was expected to raise $19 billion to help pay for health reform.  The Senate passed the House's version of the repeal bill by a vote of 87-12, which is paid for by requiring consumers to return any overpayments they receive in tax subsidies for exchange coverage.

Now that the bill has been passed by both the House and the Senate, it will arrive on President Obama's desk for him to either sign or veto.

No comments:

Post a Comment