Although President Obama vowed to fight attempts to dismantle the Patient Protection and Affordable Care Act, he did sign into law legislation to repeal a provision of his historic healthcare reform bill, reports Bloomberg News. Obama signed into law H.R. 4, which repealed a provision that would have required all businesses to file a 1099 form to report any transaction over $600.
"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," Obama said in a statement issued by the White House.
The 1099 provision was set to go into effect next year. It had drawn widespread and bipartisan criticism as being too onerous a reporting requirement. It had been intended to help raise tax revenue to pay for health reform, with federal analysts predicting it would raise about $2 billion a year over the next decade.
The House of Representatives voted to repeal the requirement in March, and the Senate followed suit in April. An earlier Senate proposal to offset the 1099 repeal with spending cuts was not voted on by the House.
For more:
- read the Bloomberg News article
- read the IFAWebNews article