A bill to repeal the burdensome expanded Section 1099 reporting requirements set to take effect in 2012 has passed the Senate and now waits for President Barack Obama’s signature to become law.

House Resolution 4 passed the Senate April 5 by a vote of 87 to 12.

Once signed by President Obama, businesses will be required to fill out 1099 forms for only services of $600 or more, as under longstanding and current regulations. The expanded reporting requirements were included in the Patient Protection and Affordable Care Act, which became law in 2010. The provision would have required companies and other organizations to file 1099 tax reporting forms for both goods and services valued at more than $600 starting in 2012.

While it is possible that President Obama may not sign the bill, the Industry Council for Tangible Assets thinks that unlikely, as Obama has publicly stated that the expanded reporting requirements would cause a problem.

Since the House of Representatives and Senate both passed H.R. 4 in large numbers, they could possibly override a veto.

The bill was introduced in the House of Representatives on Jan. 11, and passed the House by a vote of 314 to 112 on March 3. ¦