WASHINGTON, D.C. – April 5, 2011 – (RealEstateRama) — The Senate today approved legislation supported by the National Association of Home Builders (NAHB) to repeal a burdensome tax paperwork requirement that could cost small businesses thousands of dollars each year. The bill now goes to President Obama for his approval.“During the past several months, NAHB has led the effort along with other industry groups to strike all new expanded IRS Form 1099 reporting requirements for small businesses and owners of rental real estate,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “In testimony before Congress and in ‘key vote’ letters to House and Senate leaders, we have spelled out how failing to overturn these rules would kill jobs and place a major paperwork and cost burden on home builders. We applaud Congress for acting to rectify this situation and urge the President to quickly sign this measure into law.”
More info...
