Bingaman: Repeal of Tax Provision to Benefit New Mexico's Small Businesses
Press Release
Issues: Taxes
U.S. Senator Jeff Bingaman today voted to repeal a tax provision that placed undue burden on the country's small businesses.
The Senate voted 87-12 to repeal a provision that would have required businesses beginning in 2012 to provide the IRS with a Form 1099 for any vendor from which the business bought goods valued at more than $600 in a year.
"I am pleased that the Senate took action to repeal the new 1099 reporting requirements, which would have imposed an new burden on New Mexico's small businesses," said Senator Jeff Bingaman.
President Obama is expected to sign the bill. The measure does not change the existing requirement for services exceeding the $600 threshold.
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