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Latest News: Legislative Updates

Member Advisory: March 3, 2011

Thursday, March 3, 2011   (0 Comments)
Posted by: Matt Gruhn
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Membership Advisory

House of Representatives Passes Repeal of

1099 Requirement for Small Business

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.

MRAA has 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

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