Following the U.S. Senate’s vote passing H.R. 4, the Tire Industry Association (TIA) is urging President Obama to sign it into law. H.R. 4 repeals the Form 1099 reporting provision that TIA says is burdensome and costly. It was passed as part of the Patient Protection and Affordable Care Act. The bill now rests with President Obama, who has previously expressed support for the 1099 reporting provision repeal.
“We aren’t at the finish line yet when it comes to the Form 1099 reporting repeal, but it’s certainly visible from here, and we are confident that the President will hold true to his previous statements and get us over the line by passing this repeal,” says TIA Executive Vice President Roy Littlefield. “Tire industry professionals can feel confident that our efforts show what can happen when you have a strong representative association.”
TIA says if the President does not sign this bill, starting next year, business owners will be required to file an IRS Form 1099 to report all purchases over $600. This would prove to be an overwhelming and costly proposition for millions of American businesses.
TIA’s involvement in the repeal effort includes working with other associations who also supported the repeal. TIA also rallied their members by sending out an e-mail alert and other communications last week urging members and other tire industry professionals to contact their senators and ask they support of this crucial bill, and TIA feels their action was vital in making today’s successful vote a reality (see “TIA asks for members' help on legislative issue”).