On April 14, 2011, President Obama signed the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 (HR 4). The bill, which was previously approved by the Senate on April 5, 2011, repeals a Form 1099 reporting requirement that was included in the Patient Protection and Affordable Care Act (P.L. 111-148) for the purpose of raising revenue to help pay for health care reform. Here are some of the highlights from the legislation:
- Repeal of the expanded business information reporting.
- Repeal of the rental property expense reporting.
- Tax offeset to pay for the cost of the repeal.
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