Posted by Kristin Oberlander - The Senate is set to analyze a series of small business legislation and Minority Leader Mitch McConnell, R-Ky., has indicated that it may be used as a vehicle for spending reductions (proposed as amendments to the bill).
One bill is for the reauthorization of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant programs, both operated by the Small Business Administration. The White House has signaled its support for the bill and the Senate last year passed a similar bill that would extend funding to the programs for a number of years, but it did not clear the House. The NASE is very supportive of federal small business programs with a proven track record.
A small-business amendment may be offered to repeal the excessive reporting requirement for Form 1099, passed in the health care law. The bill, introduced by Mike Johanns (R-Neb.) would have an offset of reclaiming parts of underused tax credits for low- to middle-income individuals. While not necessarily advocating for a repeal of the measure, the NASE strongly recommends that Congress take action on the onerous 1099 requirement, so that the self-employed are not hit with a huge paperwork burden come 2012.