FOR IMMEDIATE RELEASE
ICBA Thanks Senate for Repealing 1099 Reporting Burden
Washington, D.C. (April 5, 2011)-Sal Marranca, chairman of the Independent Community Bankers of America (ICBA) and president and CEO of Cattaraugus County Bank, Little Valley, N.Y., released this statement following the Senate passage of H.R. 4, the "Small Business Paperwork Mandate Elimination Act of 2011," a bipartisan bill that eliminates the ICBA-opposed 1099 reporting requirement from the health care reform act of 2010.
"ICBA thanks the Senate for passing this critical relief legislation, which will stop additional costly IRS form 1099 reporting requirements and unnecessary tax paperwork. ICBA strongly opposed this reporting provision because it would have harmed Main Street businesses and jeopardized our fragile economic recovery. Thanks to the legislation passed today, Main Street community banks and other small businesses will not have to deal with yet another counterproductive IRS burden so they can continue to serve as America's financial foundation in cities and towns throughout the nation."
For more information on this important issue or to speak with an ICBA staff expert, please contact Aleis Stokes at 202-821-4457. For more information, visit http://www.icba.org/.