1099 provision of PPACA overturned in House vote
ALEXANDRIA, Va. — The House of Representatives on Thursday passed the bipartisan Small Business Paperwork Mandate Elimination Act of 2011, which repeals the tax-reporting requirement for small businesses included in the healthcare law.
The legislation, introduced by Rep. Dan Lungren, R-Calif., passed in a 314-to-112 vote. The provision, which was part of the Patient Protection and Affordable Care Act , would increase 1099 tax reporting requirements for businesses that purchase goods and services of more than $600.
In response, the leaders of the National Association of Chain Drug Stores and the National Community Pharmacists Association praised the passage.
“While pharmacies are businesses, they are in the business of patient care," said NACDS president and CEO Steve Anderson. "Pharmacies are the face of neighborhood health care and are highly trusted sources of healthcare information, products and services. Having to spend exorbitant amounts of time on paperwork is not in the best interest of patients and their medication and healthcare needs."
Added NCPA EVP and CEO Kathleen Jaeger, “Thanks to the House of Representatives’ vote, we are on the cusp of eliminating the 1099 tax reporting requirement that forces pharmacists to spend more time dealing with paperwork and less time doing what they do best — helping patients."
Both leaders urged President Obama to sign this bill into law quickly to ensure that pharmacies can continue to focus on serving their patients.