• Instead of investing and growing their business, this tax reporting rule would have required cattlemen to spend additional resources just to manage the books.
National Cattlemen’s Beef Association Vice-President of Government Affairs Colin Woodall made the following statement after an 87 to 12 vote in the U.S. Senate, to pass the House version of a bill to repeal the 1099 provision in the Patient Protection and Affordable Care Act, the new healthcare law, which became law last year.
“This is an enormous victory for U.S. farmers, ranchers and small businesses. This burdensome and costly provision, designed to pay for an unpopular healthcare bill, is on its way out the door thanks to 87 senators who understand the importance of small businesses, including farms and ranches, to the overall health of the U.S. economy. Placing burdens on entities that stimulate the economy is a step in the wrong direction.
“Cattlemen and women are already facing unprecedented burdens from this administration. Requiring a business to file a 1099 form for every single vendor it uses for goods and services that exceed $600 translates into an innumerable amount of unnecessary bookkeeping. Instead of investing and growing their business, this tax reporting rule would have required cattlemen to spend additional resources just to manage the books.
“It is equally encouraging to hear President Obama support repeal of this provision. We encourage him to sign this bill immediately. Let’s put this onerous provision behind us for the betterment of economic growth. Commonsense scored a victory today.”