Senate passes repeal of 1099 reporting rule for small businesses

Rule would have required Form 1099s for every vendor paid more than $600 in a year.

The Senate on Tuesday voted overwhelmingly to repeal a provision of last year's health care act that would have required small businesses to submit a Form 1099 for every vendor that received payments of $600 or more a year. Democrats and Republicans agreed that the new reporting requirement would be too expensive and time-consuming, and the repeal passed by a vote of 87-12.

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