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Form 1099 repeal great news for Nebraska farm and ranch families PDF Print E-mail

Nebraska Farm Bureau is very pleased that the president has finally signed into law repeal of the onerous Form 1099 requirement found in the new Health Care Reform law.
The provision, set to begin in 2012, would have required businesses to submit a Form 1099 to every vendor from whom they purchase $600 or more of goods or services in a year.
“Today Nebraska’s farmers, ranchers and small business owners are breathing sighs of relief, celebrating the repeal of this requirement that would have created a paperwork nightmare for all of Nebraska’s business owners,” Keith Olsen, Nebraska Farm Bureau president, said Friday (April 15).
Every year farmers and ranchers spend money with many vendors in their local communities, statewide and nationally.
Had this provision not been repealed, every business expense $600 and over, whether for purchase of seed, fuel or the services of a veterinarian or accountant, would have required a Form 1099, Olsen said.
“We commend all members of Nebraska’s Congressional delegation for their support and the role they played in this important victory.
“We especially thank Sen. Mike Johanns who introduced the legislation in the Senate seven times over the past eight months. His hard work and dedication to this effort is appreciated by all of Nebraska’s farmers and ranchers,” he said.