Congress has officially repealed part of the health care reform law.
In a vote of 87-12, the Senate on Tuesday agreed to eliminate a provision in the nation's new health care reform law that would require businesses to report to the IRS transactions of $600 or more. The House passed an identical measure earlier this year, which means only President Obama's signature is needed to make it law.
Obama has said he wants to repeal the filing requirement, agreeing with Democrats and Republicans that it would be burdensome and costly for small businesses.
“This onerous provision hurts small businesses by requiring them to comply with mountains of paperwork and further stretches their resources when they should be concentrating on growing their businesses and creating new jobs,” House Majority Leader Eric Cantor, R-Va., said after the Senate passed the bill.
The requirement would have be implemented in 2012. Still on the books is a new tax reporting requirement for landlords who hire workers for their property.