Congress Clashes Over New 1099 Reporting Rule

You heard it from Your Government Affairs Committee First as reported by NJECPAC here. The Increased 1099 filing requirement in H.R.3590 has become a hot topic in Washington and around the country.  

Republicans warned us and finally some Democrats are jumping on board about repealing or cutting back the 1099 reporting requirement that was passed as part of health care reform. Of course nothing is that simple in Washington and partisan wrangling could hinder passage of any repeal.

The Provision which requires businesses to file a 1099 form for every vendor from whom they buy more than $600 in goods and services per year is burdensome and largely unmanageable.

The Internal Revenue Service expects to raise $19 billion over 10 years from the new requirement.

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Kean Calls for Real Action

Senator Republican Leader Tom Kean made the following statement in the context of today’s Assembly Budget hearing on the State’s structural deficit:

“The need to fix a decade long structural deficit in New Jersey is old news. What’s new is Governor Christie’s commitment to not raise taxes. The legislature should now build on the structural reforms started since Governor Christie took office.

Here’s a plan of immediate action: further reforms to pension and health benefits, acting on proposals to save our gaming industry, and moving forward with ’tool kit’ reforms that drive down the costs of government at the State and local levels. My hope is that we come to the center of the room and find these solutions in bipartisan hearings.”

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