Great news out of Washington D.C. this week!
On April 5, the Senate finally voted to repeal the 1099 tax reporting requirements, ending months of debate.
The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 passed in a landslide vote of 87-12.
The bill, which was previously passed in the House of Representatives, repeals the 1099 reporting requirements passed in the “Patient Protection and Affordable Care Act” (PPACA-Healthcare Reform bill).
The repeal means that veterinary practice owners and other small businesses will not be burdened with additional and costly information-reporting procedures that would have an adverse effect on their businesses. Tax paperwork and compliance are already major expenses for small businesses and the new requirements would have increased these costs.
Senate leaders reached an agreement on March 31 to consider the repeal measure after first considering an amendment offered by Senator Robert Menendez, (D-N.J.) That amendment would direct the Health and Human Services Secretary to study whether the offset in the House bill would increase insurance premiums in the exchanges or the number of uninsured people. The Menendez amendment was defeated 41 to 58; it needed 60 votes to pass.
The measure now goes to the White House for President Obama’s signature.
For more information about this bill, you can contact Gina Luke at firstname.lastname@example.org and you can keep up with what’s happening in Washington and how it affects you as a veterinarian, by signing up to AVMA’s Congressional Advocacy Network.