President Obama has signed into law legislation that repeals the Form 1099 information reporting requirements enacted last year as part of health care reform legislation and the Small Business Jobs Act of 2010.
Specifically, the Comprehensive 1099 Taxpayer Protection and Prepayment of Exchange Subsidy Overpayments Act of 2011 withdraws information reporting requirements from:
- Businesses that make payments aggregating $600 or more during a calendar year to a corporation (enacted as part of the health care reform legislation for payments made after 2011)
- Individuals who earn rental income from real property and make payments aggregating $600 or more during a calendar year for rental property expenses (enacted as part of the Small Business Jobs Act of 2010 for payments made after 2010)
This reflects the first provision in the health care reform legislation to be repealed.
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