On March 3, the U.S. House of Representatives passed H.R. 4 to repeal the IRS requirement that small businesses must file Form 1099s to all vendors where the business made annual purchases over $600.
The requirement was included in the Health Care Reform Bill signed into law last March.
The Marine Retailers Association of America said in a release to members that H.R. 4 is a good bill that reduces IRS regulation of business, reduces the federal government’s paperwork requirements and allows businesses to focus on growth.
"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 MRAA Chairman Dave Foulkrod.