Chairman Graves Applauds The President’s Signing Of The 1099 Repeal Into Law
Apr 14, 2011 -
House Small Business Committee Chairman Sam Graves (R-MO), who has championed this legislation in the House, released the following statement in response to President Obama signing the Senate- and House-approved 1099 repeal legislation into law. On Wednesday, February 9th, Chairman Graves led the House Small Business Committee in a full committee hearing on the 1099 mandate, the first Committee in Congress to do so on this issue.
“I applaud the President for signing this repeal legislation into law. At a time when we should be making it easier to create jobs, promote growth and invest in our economy, small firms don’t need yet another costly and burdensome mandate. Small businesses are the life blood of our nation’s economy. There are an estimated 29 million small businesses in the United States, and it is these small firms that create the majority of our jobs.
“In order for our nation to continue an economic recovery, we must restore fiscal discipline in government by cutting spending and eliminate unnecessary mandates like the 1099 reporting requirement. If the President is serious about providing more relief to small business owners, he should join House Republicans in cutting spending, reforming our tax code and eliminating unnecessary federal regulations that are holding this economy back.”
During the February 9th hearing, the Committee heard testimony from small business owners about the mandate's expanded administrative burdens and its potential negative impact on job creation, growth and business investment. The Committee also heard testimony from Representative Daniel E. Lungren (R-CA), the sponsor of H.R. 4. The bill passed the House on March 3rd by a vote of 314–122. Materials for the hearing, including video, can be found by CLICKING HERE.
Scheduled to take effect in 2012, the expanded 1099 reporting provision was added to the health care law to help close the so-called tax gap by generating revenue to pay for the law.