Good news. I have just received a copy of S3946 the Small Business Paperwork Relief Act.
This is the Senator Baucus bill that repeals the requirement of filing 1099s on all transactions over $600. I am pleased to tell you this is a full repeal and does not include any additional offsets to make up for the projected $17 billion revenues the Congressional Budget Office said the filings would generate.
In a conversation this morning with Senator Feinstein’s office I was told the Senator has been very clear she supports a repeal of the 1099 provision but he had not talked to her about the specifics of the Baucus bill. Senator Boxer has also told me she supports repeal but I have not talked to her office about the specifics of the Baucus bill.
Small Business California is pushing hard for this to get passed in the lame duck session.
See bill below.
See legislative text here: http://bit.ly/bVeyUc
Another bit of good news a new amendment was put forth Monday that allows small businesses to switch carriers and retain their Grandfathered status. Previously under the health bill this change of carriers would mean the loss of grandfathered status.
Small Business California
2311 Taraval Street
San Francisco, CA 94116