Washington, DC – Yesterday, Senate Majority Leader Harry Reid (D-NV) indicated that he favors the House-passed version of legislation to protect small businesses from a new onerous, job-destroying 1099 tax reporting mandate to the version approved by the Senate. In response, Ways and Means Committee Chairman Dave Camp (R-MI) urged the Senate to pass and send the house-passed jobs bill to the President this week.
“After nearly a year of discussing, debating and voting, we have the opportunity to finally prevent small businesses from being buried under a job-crushing avalanche of new 1099 tax reporting requirements,” Camp said. “If the Senate acts this week, it would send a clear signal to small businesses that this Congress – both Republicans and Democrats – are listening to them and that we can find a way to let these employers do what they do best – create jobs for American workers.”
In the House, the bipartisan legislation – which also repeals 1099 reporting requirements for certain rental property owners and reduces waste, fraud and abuse in the health care law’s insurance subsidy program – passed by a vote of 314-112 with the support of every Republican and 40 percent of the House Democratic Caucus (76 Democrats in all).