Sen. Mary Landrieu, D-La., chair of the Senate Committee on Small Business and Entrepreneurship, introduced Tuesday legislation to repeal the expanded Form 1099 reporting requirement for small businesses that’s set to take effect in 2012.
The bipartisan group of co-sponsors to Landrieu’s bill include Senate Finance Committee Chairman Max Baucus, D-Mont., and Sens. Mark Begich, D-Ala.; Debbie Stabenow, D-Mich.; Jeanne Shaheen, D-N.H.; and Scott Brown, R-Mass. Baucus announced on Nov. 12 his intention to seek repeal of the expanded Form 1099 income reporting requirement, which requires small businesses to report payments made for goods and services.
“Businesses in Louisiana and across the country have made it clear that expanded Form 1099 reporting is not something they can handle,” Landrieu said in a statement. “Placing another regulatory burden on the very businesses that we are counting on to create jobs is just not smart. We have taken some important steps this year to improve the economic outlook for small businesses. I am committed to reducing regulatory burden for them when I can.”