WASHINGTON (AP) — The House has rejected a bill that would repeal a tax filing requirement in the new health care law that could swamp businesses with paperwork.
The provision requires nearly 40 million U.S. businesses to file tax forms for every vendor that sells them more than $600 in goods, starting in 2012. The goal was to prevent vendors from underreporting their income.
Democrats and Republicans want to repeal the provision because they think it will create too much paperwork for small businesses. But they disagree on how to cover the cost: $19 billion over the next decade.
