Congress Approves 1099 Repeal Bill; Obama Expected To Sign

The Senate on April 5 approved a bill (H.R. 4) to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments. The House had approved H.R. 4 on March 3, 2011. To offset cost of repeal, H.R.4 increases the amount of the overpayment of the health care credit that is subject to recapture.

Since both the House and Senate passed identical bills, H.R. 4 also known as the “Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011” — will not have to go to a conference committee. Despite some reservations over the offset provision, President Obama is expected to sign the bill when it reaches the White House.

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