President Obama signs 1099 repeal
With President Obama’s signature, the Comprehensive 1099 Taxpayer Protection & Repayment of Exchange Subsidy Overpayments Act (H.R. 4) became law on Thursday, officially repealing the burdensome 1099 paperwork mandate originally included in the Patient Protection and Affordable Care Act.
“This is a great victory for rental businesses across the nation who would have spent millions of dollars complying with this ill-advised provision,” says John McClelland, ARA vice president of government affairs.
In a statement released after Thursday’s signing, the President discussed the significance of this development for small business. “Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law. Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork. I look forward to continuing to work with Congress to improve the tax credit policy in this legislation and I am eager to work with anyone with ideas about how we can make health care better or more affordable,” he said.