Boy! am I feeing relieved?
The Senate on April 5 approved, by an 87-to-12 vote, a House-passed measure (HR 4) repealing an onerous tax reporting requirement contained in the Patient Protection and Affordable Care Act (P.L. 111-48). The bill now goes to the president for his signature.
Repeal of the Form 1099 reporting requirement was initially introduced as an amendment to a small business research bill (Sen 493) currently under debate in the Senate, but leadership decided to dispense with the bill and hold a separate vote. "We've spent enough time on 1099," declared Senate Majority Leader Harry Reid, D-Nev., in announcing the change of plans on the Senate floor.
Senate approval effectively ends an impasse over how to offset the approximate $25 billion in revenue the requirement was expected to generate to help pay for the health care overhaul. Both chambers maintained that the provision, which required businesses to file Form 1099 for all transactions valued at $600 or more needed to go, but the offset issue proved problematic and thwarted an agreement.
The House-approved measure offsets the lost revenue by removing the cap on tax penalties paid by families with unexpected changes in income if they receive an overpayment in the amount of monthly premium credit they received during the year. Some Democrats opposed the House offset on grounds that it would reduce health care benefits and potentially raise taxes for low- and middle-class families.
The Senate bill proposed making up the lost revenue by rescinding some $44 billion in previously approved but unobligated discretionary spending, excluding unobligated funds of the Defense and Veterans Affairs Departments and the Social Security Administration (TAXDAY, 2011/02/03, C.1).
An amendment offered by Sen. Robert Menendez, D-N.J., that would delay the repeal by requiring a study of the offset's potential consequences on taxpayers failed to achieve the required 60-vote threshold, falling by a 41-to-58 margin.
The Senate on April 5 approved, by an 87-to-12 vote, a House-passed measure (HR 4) repealing an onerous tax reporting requirement contained in the Patient Protection and Affordable Care Act (P.L. 111-48). The bill now goes to the president for his signature.
Repeal of the Form 1099 reporting requirement was initially introduced as an amendment to a small business research bill (Sen 493) currently under debate in the Senate, but leadership decided to dispense with the bill and hold a separate vote. "We've spent enough time on 1099," declared Senate Majority Leader Harry Reid, D-Nev., in announcing the change of plans on the Senate floor.
Senate approval effectively ends an impasse over how to offset the approximate $25 billion in revenue the requirement was expected to generate to help pay for the health care overhaul. Both chambers maintained that the provision, which required businesses to file Form 1099 for all transactions valued at $600 or more needed to go, but the offset issue proved problematic and thwarted an agreement.
The House-approved measure offsets the lost revenue by removing the cap on tax penalties paid by families with unexpected changes in income if they receive an overpayment in the amount of monthly premium credit they received during the year. Some Democrats opposed the House offset on grounds that it would reduce health care benefits and potentially raise taxes for low- and middle-class families.
The Senate bill proposed making up the lost revenue by rescinding some $44 billion in previously approved but unobligated discretionary spending, excluding unobligated funds of the Defense and Veterans Affairs Departments and the Social Security Administration (TAXDAY, 2011/02/03, C.1).
An amendment offered by Sen. Robert Menendez, D-N.J., that would delay the repeal by requiring a study of the offset's potential consequences on taxpayers failed to achieve the required 60-vote threshold, falling by a 41-to-58 margin.
LMAO
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