As a small business owner, I can tell you that there are three things every entrepreneur fears: ballooning debt, restricted access to capital and regulatory uncertainty. Right now all three are hampering our economy. However, led by the Republican Majority, the House of Representatives took a major step last week to bring some certainty back to small business owners.
In a bipartisan vote, 314 Members --including 76 Democrats-- passed H.R. 4, the Small Business Paperwork Mandate Elimination Act. If enacted into law, this bill would repeal the 1099 provision originally included in the Patient Protection and Affordable Care Act of 2010. I was proud to co-sponsor this important legislation.
When the Patient Protection and Affordable Care Act was signed into law in 2010, Section 9066 of the law required business entities to file IRS 1099 tax forms for all income transactions (other than salary, wages or tips) of $600 or more. This provision is extremely onerous on businesses, forcing them to dedicate valuable resources to even more administrative paperwork. This will severely limit their ability to dedicate their time and resources to growing their business, expanding market share and --most importantly-- creating jobs.
Small businesses are the backbone of our economy and I will continue to fight to create an environment where they can grow, create jobs and strengthen our economy.
To hear more from me on this issue, visit my YouTube channel to watch my floor remarks from the debate on H.R. 4; YouTube.com/RepAustinScott.
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Member of Congress