Measure would repeal tax provision under new health care law
WASHINGTON – Congressman Charles F. Bass (NH-02) praised passage of legislation in the House of Representatives today (H.R. 4) that would eliminate the paperwork burden placed on small businesses under the Patient Protection and Affordable Care Act (PPACA).
Starting next year, all businesses will be required to file a 1099 tax form for any vendor with which they have $600 or more in yearly transactions under PPACA. H.R. 4 would repeal this arduous paperwork mandate.
Bass, an original cosponsor of H.R. 4, said:
“This burdensome tax paperwork mandate will stifle economic growth and job creation among our state’s top job creators: small businesses. This provision will create additional costs for small business owners in New Hampshire and across the nation, who will be forced to spend countless hours and a lot of money complying with the onerous mandate.
“We shouldn’t be making it more difficult for businesses to create jobs. While I’m pleased that the House repealed this tax paperwork mandate today, we still have more to do to lift the other crushing mandates and tax increases placed on individuals and business owners under this health care law. Our economic recovery depends on it.”
The Senate passed a similar version of the paperwork repeal last month. The House and Senate will have to iron out the differences between the two bills in a conference committee before President Obama can sign the legislation into law.