SHAHEEN INTRODUCES LEGISLATION TO REPEAL FORM 1099 REPORTING REQUIREMENT

(Washington, D.C.)  - U.S. Senator Jeanne Shaheen, a member of the Senate Committee on Small Business and Entrepreneurship, today announced that she has introduced legislation together with Senators Max Baucus (D-MT), Mary L. Landrieu (D-LA), Mark Begich (D-AK), Debbie Stabenow (D-MI), and Scott Brown (R-MA), that would repeal the expanded Form 1099 reporting requirement set to take effect in 2012. 

"We need to make sure that small businesses, which are the engines of economic growth in New Hampshire, do not face unnecessary regulatory burdens in the future," said Shaheen.  "Removing this requirement is the right thing to do." 

In addition, Shaheen recently supported passage of the Small Business Jobs Act of 2010 which provided over $12 billion in tax cuts for small businesses, strengthened the core Small Business Administration (SBA) programs by eliminating borrower fees and providing higher government guarantees, and provided small businesses with greater access to credit through a strategic partnership with community banks.