On March 3,
the U.S. House of Representatives passed H.R. 4 to repeal the onerous IRS
requirement that small businesses must file Form 1099s to all vendors where the
small business made annual purchases over $600.00. This requirement was included in the
unpopular Health Care Reform Bill signed into law last March.
led a campaign since the passage of the Health Care bill to repeal this new
requirement that is detrimental to marine dealers and other small businesses in
their creation of jobs. "The additional
paperwork created by this new requirement is nonproductive and inhibits job
growth. We will now shift focus to the
Senate to ensure H.R. 4 will get to the President as soon as possible for his
approval,” said Dave Foulkrod, MRAA Chairman.
H.R. 4 is a
good bill that greatly reduces IRS regulation of business, reduces the federal
government’s paperwork requirements of small business and allows those
businesses to focus on growth