On a vote of 87-12 (1 not voting), the Senate passed the H.R. 4, Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. Once signed, the law will eliminate the requirement to file Form 1099 for sales more than $600.
As required by law, the bill is sent to the House, back to the chamber that introduced the bill. Since there are minor differences between the versions passed by the House and Senate, the House can accept the Senate’s changes or request a conference committee to work out the differences. In this case, it is likely that the House will accept the minor wording changes. The bill will then be engrossed and sent to the President for his signature.
The Form 1099 filing requirement was seen as a serious burden for small businesses. Since the vast majority of numismatic dealers are small businesses, it would have create a serious problem for the entire industry. It is good that congress has taken these steps to repeal this law.
UPDATE (4/7)—The House accepted the one minor wording change and sent H.R. 4 to President Obama for his signature.