The U.S. Senate failed today to adopt language that would have repealed a rule, created by the health-care overhaul law, requiring businesses to report annual expenses to individual vendors in excess of $600.
Eliminating the mandate, known as the 1099 rule after an Internal Revenue Service form used by businesses, would have reduced U.S. tax revenue by more than $19 billion over the next decade. Two amendments that would have repealed the requirement were rejected today; two similar measures failed in September.
Senator Max Baucus, a Montana Democrat who is chairman of the tax-writing Finance Committee, and Senator Mike Johanns, a Nebraska Republican, sponsored today’s competing amendments, which would have been attached to a food-safety bill.
