Today, U.S. Senator Maria Cantwell (D-WA) released the following statement after the Senate passed by an 87-12 margin a bill to lessen the paperwork burden on small businesses by repealing new 1099 tax reporting rules.
Cantwell, a member of the Senate Small Business and Entrepreneurship Committee, joined with an overwhelming majority of her colleagues today in passing the measure and sending it to President Obama's desk for his signature. The measure will relieve millions of small businesses from a potentially burdensome tax reporting requirement enacted in the health care reform law. The 1099 tax reporting requirement would have required businesses to file a 1099 form with the Internal Revenue Service for each vendor to whom they have made payments for goods and services of at least $600.
"Small businesses are the cornerstone of the nation's prosperity, creating 75 percent of all new jobs and driving economic growth. This bipartisan measure gives main street Washington state small businesses the support they deserve by eliminating a burdensome tax reporting requirement. I am proud today to stand with a bipartisan coalition to create a better climate for small business job growth and to strengthen the health care reform law by easing this reporting provision on small businesses."