Congressman Adrian Smith (R-NE) voted today in favor of H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011, which passed the U.S. House of Representatives with strong bipartisan support. H.R. 4, which Smith is cosponsoring, repeals the 1099 mandate included in President Obama's health care reform law.
"Passing this legislation protects Nebraska's small business owners, farmers, ranchers, and taxpayers. Both chambers of Congress must now work quickly to resolve our differences so this repeal can be signed into law," Smith said after the vote. "This bill's passage is another step forward on the path to economic recovery as it will enable employers to focus on job creation instead of increased paperwork, additional costs, and greater fraud risk."
H.R. 4 is the leading 1099 repeal bill in the House. Additionally, it reduces the deficit by $166 million in the first 10 years, decreases federal spending by $20 billion over 10 years, and lowers taxes by $19.7 billion.
The 1099 mandate requires farmers, ranches, and small businesses to file a form with the Internal Revenue Service for every vendor or contractor from which they purchase $600 or more of goods and services in a calendar year.
Smith sits on the Committee on Ways and Means, which has jurisdiction over H.R. 4. This assignment enables him to serve Nebraskans through engagement on critical issues including trade agreements, tax reform, Medicare, and Social Security.