Representing over 300 manufacturers of specialized agriculture equipment, the Farm Equipment Manufacturers Assn. praised the Senate's vote this week to repeal the 1099 reporting provision on small businesses that was part of last year's federal health care law. The provision mandated that businesses with any yearly transactions with a vendor in excess of $600 file an IRS-Form 1099 with the Internal Revenue Service.
"Congress has taken the right action to help America's small businesses who are the engines of our economic recovery," said Vernon Schmidt, executive vice president of the trade association. "Small manufacturers need to be focused on growing and expanding their businesses and not wasting valuable time meeting unnecessary government mandates. We call on the president to not delay signing this common-sense measure into law."
FEMA is an international not-for-profit trade organization representing more than 300 manufacturers of specialized farm equipment, more than 260 industry supplier companies and 40 marketing firms. Founded in 1950, the Association is headquarted at 1000 Executive Parkway, Suite 100, St. Louis, Missouri. For more information about the Association, please visit FarmEquip.org.