Bill Would Eliminate Burdensome Reporting Requirement
U.S. Senator Mark Pryor today announced he has signed on to legislation that supports small businesses by eliminating an onerous paperwork mandate which currently exists in the healthcare reform law.
"As with any major reform effort, we will need to fix problems where they exist. I have heard an outcry of concern from Arkansas's small business community that a flaw in the law will create a paperwork nightmare for them," Pryor said. "This legislation will immediately fix the problem, and I will work hard to see swift passage of this bill."
The Small Business Paperwork Mandate Elimination Act repeals a requirement that every business, charity, or church file a 1099 form with the Internal Revenue Service for each vendor with whom they have at least $600 in transactions. Forty million businesses would be affected by this requirement.
Pryor said the legislation, introduced by Senator Mike Johanns (R-Neb.), is cost neutral. He has heard from more than a hundred Arkansas businesses, including medical offices, architects, jewelry stores, glass companies, outdoor supply businesses, accountants and realtors, about the need for a fix. In addition, the legislation is supported by the U.S. Chamber of Commerce, National Federation of Independent Business, National Small Business Association, and the SBA Office of Advocacy.