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Obama Repeals 1099 Reporting Requirement

President Obama signed the repeal of the healthcare overhaul’s 1099 tax reporting requirement yesterday, much to the delight of small business owners everywhere.

The 1099 provision, which would have raised $19 billion to help pay for healthcare reform, would have required business owners to file a 1099 form for all vendors from whom they buy $600 of goods or services in a year.

“We thank the President and lawmakers for repealing this onerous provision on franchise small businesses and hope our policymakers will continue to push for pro-growth policies that enable our members to grow their businesses and create local jobs,” said the International Franchise Association, in a prepared release.

The President signed legislation passed by both the Senate and the House earlier in the month. Critics said the 1099 reporting requirement would place an onerous burden on small businesses. The Senate and House bills contained similar language and offsets.