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Industry Updates Saturday, May 26, 2012  
 Repeal of required 1099s for all expenditures fails in U.S. Senate

Repeal of required 1099s for all expenditures fails in U.S. Senate

This week the U.S. Senate voted on two amendments in an attempt to repeal the 1099 reporting requirements. These amendments were part of S. 510 the FDA Food Safety Modernization Act Both amendments failed to pass under the 2/3rds rule in the Senate. The Johanns amendment, that Senator Levin opposed and Senator Stabenow supported, paid for the repeal with unused stimulus funds, while the Baucus amendment, that both Senators from Michigan supported, had no offsets.  ASAE does not expect another vote on the issue this year, leaving only one calendar year before the new 1099 reporting goes into effect.

MSAE will continue to work for a full repeal of the 1099 provision. We have received support from every member of the Michigan Congressional delegation in support of our efforts.

March 29 - 30 MSAE will participate in ASAE's flyin to reinforce the need to repeal this requirement that 1099s be filed for every expenditure over $600. Scholarships for this event are available. Contact Rebecca McHale at intern3@msae.org for details.


Posted on Friday, December 03, 2010 (Archive on Monday, January 01, 0001)
Posted by kellymc  Contributed by
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