Both the House and the Senate have passed a bill to repeal part of the Patient Protection and Affordable Care Act (PPACA), the 1099 Reporting portion. PPACA was set to require businesses to file a 1099 for every vendor they used, for both services and goods, that exceeded $600. The requirement would have started on January 1, 2012. But, this bill has repealed the said 1099 filing requirement. It still needs to be signed by President Obama, but he has said previously that he would sign such a bill.
In my opinion, this is a great win for businesses! Hopefully it will also pave the way for other portions of PPACA to be changed or repealed — although the other portions will be much more difficult to change/repeal.