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New Jersey, United States
NJECPAC is a Continuing Political Committee (CPC). A CPC is any group of two or more persons acting jointly, or any corporation, partnership, or any other incorporated or unincorporated association, civic association or other organization, which in any calendar year contributes to aid or promote the candidacy of an individual, or the candidacies of individuals, for elective public office, or the passage or defeat of a public question or public questions, lobby for the passage or defeat of certain legislative bills introduced in the NJ Legislature in accordance with N.J.S.A. 19:44A-8(b). A CPC is frequently referred to as Political Action Committee (PAC). The NJECPAC was formed to provide funding for legislative initiatives of its members and its member organizations representing the interests of Electrical Contractors, Small Businesses and Taxpayers throughout the State of New Jersey.

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Wednesday, August 11, 2010

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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