Any time eight members of a nine-person Congressional delegation can agree on something these days, it must be a good thing. That is the case with the Small Business Paperwork Mandate Elimination Act of 2011.
H.R. 4 is expected to be considered on the House floor today and the subject of a vote on Thursday. The 273 co-sponsors include all six Indiana Republicans (Larry Buschon, Dan Burton, Mike Pence, Todd Rokita, Marlin Stutzman and Todd Young) as well as Democrats Andre Carson and Joe Donnelly. Only Pete Visclosky is missing from the co-sponsor list, which, of course, doesn’t disqualify him from supporting the bill.
For those who don’t recall the provision or prefer to block it out in order to try and get a good night’s sleep, a section of the Patient Protection and Affordable Care Act mandates that small business owners file a 1099-MISC with the IRS for all payments of $600 or more to a vendor in a tax year. In other words, just about everything. In a regulatory world gone awry, this might be the biggest nightmare of all if allowed to proceed.
The repeal earlier passed the Senate 81-17. Let’s hope common sense prevails in the House this week. The Small Business & Entrepreneurship Council has additional background and facts.
UPDATED: Thankfully, the U.S. House has voted to repeal this ridiculous measure. Surprisingly, despite being listed as a co-sponsor, Indiana Rep. Andre Carson voted against the measure. All eight other Hoosiers representatives sided with the majority in a 314-112 vote. The Senate has passed a slightly different version, so a compromise will need to be reached. Journal of Accountancy has the story.