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Thursday, April 7th, 2011The Senate passed a bill yesterday to repeal a tax-reporting requirement (known as the 1099 provision) for small businesses, including landlords, in the 2010 health care overhaul law. The bill will now go to the president’s desk where he is expected to sign it into law.
The provision would have required millions of businesses to file tax forms for every vendor that sells them more than $600 in goods each year, starting in 2012. The requirement was projected to raise nearly $25 billion over the next decade by ensuring that vendors pay their taxes.
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