WASHINGTON, D.C., Nov. 30, 2010 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today issued the following statement in support of efforts in the United States Senate to repeal a provision in the new health care law that will require all businesses to file a Form 1099 for any business-to-business transaction for goods or services over $600 (cumulative throughout the tax year) starting in 2012.
The following statement is by Charles Symington, Big “I” senior vice president of government affairs:
“The mountain of paperwork required of small businesses to comply with this burdensome new provision will divert resources and prevent investment in job growth and business expansion at a delicate point in the American economy. Thousands of independent insurance agents and their many small business clients will feel the full force of this draconian measure. While we are encouraged by widespread congressional support for repeal of the 1099 form provision, we call on members from both political parties to get on the same page regarding the details. We urge full repeal as soon as possible and will continue to work with Congress and others in the business community who oppose this ill-conceived provision.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.