KEATING APPLAUDS SENATE 1099 VOTE
KEATING APPLAUDS SENATE 1099 VOTE
 
Washington, DC – Today, the US Senate passed legislation that would repeal the Affordable Care Act’s 1099 tax reporting requirements.  Rep. Keating was a cosponsor of the bill in the House of Representatives.  Below is his statement on the Senate passage:
 
I applaud all the members of the Senate who voted to repeal the cumbersome 1099 requirement that was included in last year’s Affordable Care Act.  Their vote was a vote for small business owners across the country.
 
My conversations with the small business owners on Massachusetts’ South Shore, Cape and Islands highlighted the heavy burden they would have to shoulder under the weight of the new 1099 requirement, which was slated to go into effect in 2012.  One business owner on the Cape told me that under the provision, she would have to file a 1099 form after every bad storm.  Storms on the Cape can often knock down trees on her business’ property, the trees need to be removed and the removal costs more than $600, thus triggering the 1099 requirement.  In this economy, small businesses are struggling to survive, let alone trying to increase profits and grow jobs.  The answer cannot be more paper. 
 
It is clear that both houses of Congress feel this provision should be repealed and I urge President Obama to sign it into law quickly.