The U.S. Senate Tuesday gave final approval to a measure that repeals part of last year’s healthcare reform law that businesses had labeled onerous.
The Senate voted 87-12 to repeal the 1099 provision that would have made businesses file 1099 income tax forms for every company with whom they did at least $600 in business annually. The measure needed 60 votes to pass.
The White House issued a statement, praising Congress for correcting a flaw that placed an unnecessary bookkeeping burden on small businesses.”
To offset the expected revenue loss from the repeal, the bill requires taxpayers receiving federal health insurance subsidies to pay back the Internal Revenue Service if they earn 400 percent of the poverty line. House Democrats objected to the offset, saying it amounts to a $25 billion tax increase on those who straddle the income line, The Hill reported.
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