Rep. Todd Young signed on as an original cosponsor to Rep. Dan Lungren's (R-CA) Small Business Paperwork Relief Act (H.R. 4), a bill introduced Wednesday afternoon to eliminate an onerous expansion of tax reporting requirements for small businesses in the health care law passed in 2010.
"Congress should do everything in its power to lower the cost of doing business--especially during an economic recession--so that businesses are able to start putting Hoosiers back to work," said Young. "I've heard from a lot of small business owners who are concerned about the resources that will be required to comply with these new reporting requirements, and I'm happy to fight for them by signing on to this bill. By freeing up those resources, we give them more freedom to begin hiring again."
Under current law businesses must report services performed by non-corporate entities, such as independent contractors, on 1099 reporting forms. The new law will require businesses to file the form for every single business-to-business transaction that totals more than $600 in a given year, including basic business expenses such as phone and internet service, shipping costs and office supplies.
Young previously has signed on as a co-sponsor to Majority Leader Eric Cantor's (R-VA) theRepealing the Job-Killing Health Care Law Act (H.R. 2), a bill aimed at repealing the health care law in its entirety in order to replace it with legislation that is built around a patient-centered model.
Additionally, Young has been added as a co-sponsor to the following bills:
* Reclaiming Individual Liberty Act (H.R. 21) A bill to repeal the individual mandate of the Democrats' health care law
* Title X Abortion Provider Prohibition Act(H.R. 217): A bill introduced by Rep. Mike Pence (R-IN) to to prohibit family planning grants from being awarded to any entity that performs abortion