The Associated Builders and Contractors is among those applauding the repeal of some of the tax-reporting requirements included in the health care law passed by Congress last year.
The rescinded rule required all businesses submit a 1099 tax form to the
Internal Revenue Service for any transactions above $600.
“ABC members are grateful this compliance nightmare is
over,” said Geoff Burr, the association’s vice president of federal affairs.
“The construction industry is already reeling from significant job loss and
with an unemployment rate over 22 percent, more than twice the national
average. Adding more bureaucratic layers and costs to an industry under siege
would not help facilitate a speedy economic recovery."