For immediate release:
Washington, D.C. – April 5, 2011 – The American Institute of Architects (AIA) today commended the 112th Congress for passing the 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, which repeals the expensive and unneeded new Form 1099 paperwork requirement that was slipped into the health care reform bill last year.
The 1099 provision required small business owners to provide an account to the Internal Revenue Service of many heretofore unreported business transactions. For example, small business owners would have been required to submit a 1099 tax form with the IRS every time they spent more than $600 with a single vendor, resulting in a sizeable increase in paperwork and accounting costs.
The House of Representatives voted on March 2 to repeal the 1099 tax-reporting requirement. The Senate vote was 87-12 to send the House bill to President Obama’s desk for his signature.
“As one of the key legislative priorities of the AIA, we are heartened by Congress passing this legislation,” said AIA President Clark Manus, FAIA. “Many of our members are small businesses who are only now emerging from the long economic downturn.
“In the current legislative environment, it’s refreshing to see Congress able to agree on something as fundamentally positive to small businesses as repealing this onerous requirement,” Manus said.
About The American Institute of Architects
For over 150 years, members of the American Institute of Architects have worked with each other and their communities to create more valuable, healthy, secure, and sustainable buildings and cityscapes. Members adhere to a code of ethics and professional conduct to ensure the highest standards in professional practice. Embracing their responsibility to serve society, AIA members engage civic and government leaders and the public in helping find needed solutions to pressing issues facing our communities, institutions, nation and world. Visit www.aia.org.