Finance Committee Chairman Baucus, D-Mont., said he intends to amend the House-passed bill (H.R. 4) to repeal new Form 1099 rules by paying for the bill with a combination of the House and Senate offsets. A key concern to moving the bill forward is how to pay for its $24.7 billion cost.
Senate Majority Leader Reid, D-Nev., announced he has postponed plans to bring the bill to repeal new Form 1099 rules to the Senate floor after Democrats were unable to reach agreement on the bill over concern about the offsets used to pay for the bill.
The House bill was paid for with a provision that would modify repayments of health care tax credit overpayments.
The Senate paid for the repeal by rescinding $44 billion of unspent earmarks. The bill, which would relieve businesses of the requirement to file a Form 1099 information report whenever their payments to a single provider of a good reaches $600 in a single year, is expected to move to the Senate floor soon. The bill also would repeal a new requirement for landlords to report all payments of $600 or more for goods or services provided for rental property. The repeal would apply only to new Form 1099 requirements put in place under the Patient Protection and Affordable Care Act of 2010 and the Small Business Jobs Act of 2010.