Bill Repeals 1099 Information Reporting Requirements
Issued April 18, 2011
On April 14, 2011, President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.
Under this Act, businesses are no longer required to issue a Form 1099-MISC to corporations and non-corporate entities concerning the purchase of goods and services for any person or company to whom they paid more than $600 in a tax year. It also repeals a requirement for individuals to report rental income on Form 1099-MISC.
In order to offset lost revenue, the law requires individuals who receive excessive tax subsidies for state health care to pay back a larger amount than formerly required under the Patient Protection and Affordable Care Act of Heath Care Reform.