WASHINGTON BUREAU — The House Ways and Means Committee has approved a Form 1099 reporting fix bill that is different from a fix passed by the Senate several weeks ago.

The Ways and Means bill, H.R. 705 would cancel the new, expanded 1099 reporting requirements by revising Section 6041 of the Internal Revenue Code. The bill includes a second provision that would cancel expanded rental property expense reporting requirements, and a third provision designed to make up for the $22 billion in revenue that could be lost as a result of the reporting changes.

Panel members approved the bill by a 21-15 vote.

By a voice vote, panel members also approved a separate bill, H.R. 4, that would simply repeal the Form 1099 provision in the Patient Protection and Affordable Care Act (PPACA), Section 9006.

If PPACA Section 9006 is implemented as written, it will require a business to send a Form 1099 to the Internal Revenue Service when the business does more than $600 in business with a vendor in a tax year.

H.R. 4 includes no “offset” for the tax revenue that could be lost as a result of the reporting changes. Like H.R. 4, the fix that passed in the Senate Feb. 2 — an amendment to S. 223 proposed by Sen. Debbie Stabenow, D- Mich. — would repeal PPACA Section 9006. Stabenow included a provision calling for use of $44 million in unspent federal funds to pay for the fix.

The revenue raiser provision in H.R. 705 would create stricter rules for clawing back excess payments from individuals who get oversize subsidies from a PPACA health insurance assistance program that is supposed to take effect in 2014.

Thanks to the subsidy clawback change, H.R. 705 as a whole should produce a $166 million surplus over a 10-year period, according to analysts at the Joint Committee on Taxation.

H.R. 705 was introduced earlier this week by Rep. Dave Camp, R-Mich., chairman of the Ways and Means Committee.

H.R. 4 was introduced by Rep. Daniel Lungren, R-Calif.