Health Care

On Wednesday, February 2, the Senate voted 81 to 17 to repeal the expanded 1099 reporting requirement that was part of the Patient Protection and Affordable Care Act. Sen. Deborah Stubenow (D-MI) introduced the bill, which will now go to the House of Representatives.

Last week, a second attempt to repeal the Affordable Care Act’s expanded Form 1099 reporting requirement failed in the Senate.

The Obama administration has released new information to help small business owners take advantage of tax credits that reduce the cost of providing health coverage to employees. The update provides forms, instructions, and documents for claiming a tax credit this year.

On November 16, Sen. Max Baucus (D-MT), chair of the Senate Finance Committee, introduced the Small Business Paperwork Relief Act (S. 3946), which would repeal the Affordable Care Act’s expanded Form 1099 reporting requirement, set to take effect January 1, 2012.

Last week, President Obama said that he would be willing to consider repealing a provision in the health care bill that requires businesses to file tax forms for any transaction over $600 with a single vendor.

Booksellers should note that under the provisions of the Affordable Care Act qualifying small businesses can receive a tax credit designed to make the cost of covering employee heath care more affordable.

On Wednesday, September 22, President Obama marked the six-month anniversary of the enactment of his landmark healthcare bill in a backyard in Falls Church, Virginia. Among those meeting with the president at the event was Betsy Burton, the co-owner of The King’s English Bookshop in Salt Lake City, Utah, and an ABA Board member.