Indiana Farm Bureau
April 6, 2011
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Form 1099 repeal great news for Indiana farm families
Action by the U.S. Senate yesterday to pass a bill repealing the onerous Form 1099 requirement is great news for Indiana’s farm families, according to Indiana Farm Bureau President Don Villwock. Repeal of the 1099 provision was a key discussion point when Indiana Farm Bureau leadership met with Indiana’s congressional delegation in March.
“This was an unnecessary and burdensome tax compliance requirement that would have squelched job creation and economic growth,” Villwock said. “Farm operations, like many other businesses, are already overloaded with needless paperwork. We are pleased that our leaders in Washington took steps to provide relief.
“Indiana Farm Bureau commends both Senators Lugar and Coats for voting to pass H.R. 4, and we urge President Obama to sign it,” he added.
The health care law contains a provision set to begin in 2012 requiring that businesses submit a Form 1099 to the Internal Revenue Service for every vendor from which they purchase $600 or more worth of goods or services. For farmers who buy any number of needed products such as seed, fertilizer, herbicides, pesticides, machine parts and dozens of other smaller purchases during a growing season, the proposed 1099 requirement would have been a paperwork nightmare. H.R. 4, passed by both the House and the Senate, would repeal this new requirement.