President Obama signed into law a measure to repeal the 1099 tax reporting provision Thursday, marking the first successful effort by Congress to repeal a portion of the national health care overhaul.
The 1099 provision would have required businesses to send a 1099 tax form and collect W-9 information from every vendor it purchases more than $600 worth of goods or services from each year.
Earlier this month, the Senate voted 87-to-12 to repeal the provision. The House passed the measure in March on a bipartisan 314-to-112 vote. Obama’s signing of the legislation into law marks the end of a nearly eight-month-long effort by lawmakers to do away with the 1099 tax-reporting provision.
