Increased 1099 reporting repealed
April 15, 2011 – The president signed a repeal bill Thursday that removes a health-care law provision that would have sharply increased the amount of 1099 reporting required of small businesses, including credit unions.
"Small business owners are the engine of our economy," the president said in a statement, "and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork."
The requirement would have called for 1099 reports on all purchases of goods totaling at least $600. H.R. 4 eliminates this requirement before it begins.
"This added reporting would have imposed costly new regulatory burden on member-owned credit unions at a time they can ill afford it," said NAFCU President Fred Becker. "We thank Congress and the administration for recognizing this burden and addressing it before it started."