Source: Farm Equipment Manufacturers Association

The Senate voted last week to repeal the 1099 reporting provision on small businesses that was part of last year's federal health care law. The provision mandated that businesses with any yearly transactions with a vendor in excess of $600 file an IRS-Form 1099 with the Internal Revenue Service.

The Farm Equipment Manufacturers Association praised the senate's action.

"Congress has taken the right action to help America's small businesses who are the engines of our economic recovery," said Vernon Schmidt, executive vice president of the trade Association. "Small manufacturers need to be focused on growing and expanding their businesses and not wasting valuable time meeting unnecessary government mandates. We call on the president to not delay signing this common-sense measure into law." 

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