House Ways and Means Committee Chairman Dave Camp, R-Mich., said Wednesday the Senate should act on the 1099 repeal bill approved by the House and send the bill to President Obama’s desk for his signature this week.
The House and Senate have passed widely varying bills repealing the 1099 information reporting requirements in the health care reform bill. The House version of the bill also repeals the 1099 reporting requirements for rental property owners in the Small Business Jobs Act, while the Senate version does not (see House Votes to Repeal 1099 Reporting Requirements). The two bills offset the cost of the repeal in different ways. The House version would require recipients of tax credits for buying health insurance to repay the cost of the credits if they earn too much to qualify for them.
The Senate version, which was included as an amendment to a larger reauthorization bill for the Federal Aviation Administration, would make unspecified cuts in federal spending to pay for the cost of the repeal. The White House has said that it would prefer both bills to use different offsets for the cost of the repeal.
Camp pointed out that Senate Majority Leader Harry Reid, D-Nev., indicated Tuesday that he favors the House-passed version of legislation to protect small businesses from the 1099 tax reporting mandate to the version approved by the Senate. In response, Camp urged the Senate to pass and send the House-passed jobs bill to the President this week.
“After nearly a year of discussing, debating and voting, we have the opportunity to finally prevent small businesses from being buried under a job-crushing avalanche of new 1099 tax reporting requirements,” Camp said in a statement. “If the Senate acts this week, it would send a clear signal to small businesses that this Congress—both Republicans and Democrats—are listening to them and that we can find a way to let these employers do what they do best—create jobs for American workers.”
In the House, the bipartisan legislation passed by a vote of 314-112 with the support of every Republican and 40 percent of the House Democratic Caucus (76 Democrats in all). In the Senate, the FAA bill passed by a vote of 87-8 after the 1099 repeal amendment was approved by a vote of 81-17 (see Senate Passes FAA Bill with 1099 Repeal and Senate Passes 1099 Repeal Amendment).
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