Community Bankers Association of Illinois

Bill to Repeal CBAI-Opposed 1099 Reporting Requirement Goes to the President
April 5, 2011

The United States Senate today voted 87 to 12 to repeal the CBAI-opposed 1099 reporting requirement. The bill now goes to the President who is expected to promptly sign it into law. Previously the House of Representatives voted 314 to 112 to repeal this requirement created by the Health Care Reform Act of 2010. The Act requires businesses that pay another individual or business $600 or more for goods and services to issue Form 1099s beginning in 2012.

In the Senate, Republican Mark Kirk voted in favor of the repeal - while Democrat Richard Durbin voted against repeal.

All of the Illinois Republican members of the House were joined by Democrats Jerry Costello, Dan Lipinski and Mike Quigley in voting in favor of the repeal.

The CBAI has consistently supported bipartisan efforts to repeal 1099 reporting, and thanks lawmakers on both sides of the aisle who worked to eliminate this unnecessary burden on small businesses including community banks.

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