House Committee Sets Timetable for 1099 Repeal

The House Ways and Means Committee narrowed the timeframe for marking
up its own bill to repeal the much-maligned 1099 tax provision in the
health care law. The powerful panel with jurisdiction over tax matters
has three hearings on the docket this week. However a committee
spokesman says Chairman Dave Camp (R-MI) intends to mark up
legislation before the House recesses for Presidents Day weekend.

On February 3rd the Senate approved by a vote of 81-17 an amendment to
Federal Aviation Administration Reauthorization Bill, , from Senator
Debbie Stabenow, (D-MI) to repeal a widely loathed tax provision in
the health care law that requires firms to file a 1099 tax form for
almost any company they buy goods from. The amendment is paid for by
directing the federal government to cut $44 billion in unobligated
funds from discretionary accounts.

Unless this section of the health care law is repealed, coin currency
and precious metals sellers across the nation will join all other
businesses and be subjected to the folly of data collection and
information filing of IRS form 1099 on virtually all business-to-
business and business-to-person transactions they make aggregating
$600 or more in a year. Specifically, the provision would require any
firm to file a 1099 form with each business or individual from which
it purchases more than $600 in goods or services. The new requirement
will take effect in 2012 unless it is
repealed with reports due out in January 2013.

Thanks for all the kind words - just a couple of points - the
reporting applies to business ie - dealers who purchase from the
public. It is not meant to apply to individuals who buy from Wal-Mart,
Lowes or Home Depot. Businesses that make non credit card purchases
would be subject to reporting. There is no exemption for business
inventory purchases in the expansion language of the health care of
law. Nicholas Pyle - me do indeed lobby for baking industry also
juice, cereal, cheese, soy and other food manufacturers. I do work
for several industrial metals producers ferro alloys, vanadium, chrome
and other processors. I am not a paid lobbyist for the coin, currency
or bullion industries, this is purely voluntary. Thank you all for
engaging in this debate.

Numismatists United for Political Action (NUPA) is a grassroots
organization with a mission to educate and inspire the coin collecting
community to stand up and be heard in Washington. To learn more about
NUPA and join (its free) our grassroots outreach visit:
http://groups.google.com/group/coincollectorsunited

Nicholas Pyle, Coordinator
Numismatists United for Political Action (NUPA)
Post Office Box 25001
Georgetown Station
Washington, DC 20027-8001
202-333-9190


http://groups.google.com/group/coincollectorsunited