US Representative Sue Myrick (NC-09) today voted in favor of HR 4, a bill repealing a burdensome tax provision that was added to the health care reform law.
Under this provision, all businesses would be forced to issue a Form 1099 for any payments to vendors in excess of $600. The U.S. Chamber of Commerce, the National Federation of Independent Business, the American Institute of Certified Public Accountants, and the IRS itself have all presented evidence to Congress this regulation would create excessive burdens and regulations for businesses.
"Why, when unemployment remains at nine percent, would we place mountains of accounting and paperwork burdens on already strained businesses?" Rep. Myrick said. "Even the people responsible for crafting this provision now think that it's a bad idea and that it should be repealed. I'm glad that the House voted to remove Form 1099 reporting for businesses. I hope that we can continue to work together to dismantle provisions in the health care law that increase taxes and prevent businesses from creating jobs".
Additionally, passage of HR 4 reduces the deficit by $166 million over 10 years, and reduces taxes by $21.9 billion over 10 years. It passed the House by a vote of 314-112 and will be sent to the Senate for further consideration.