Senate Sends Tax-Reporting Repeal to Obama

The U.S. Senate on Tuesday approved legislation to repeal a tax paperwork requirement that many viewed as burdensome to small businesses. Under President Obama's health care act approved last year, businesses were required to file IRS form 1099 for each vendor from whom they purchase more than $600 in goods over the course of a year. The repeal of that requirement, which passed the Senate 87-12, was supported by the National Association of Home Builders (NAHB). The measure passed the House one month ago by a vote of 314-112. The measure was originally intended as a way to prevent tax evasion.