It now goes to the White House, where President Barack Obama has previously expressed support for the measure.
The Tire Industry Association (TIA) is calling on Obama to go ahead and sign HR 4 into law.
If he doesn’t, starting next year business owners will be required to file an IRS Form 1099 to report all purchases of more than $600.
“This would prove to be an overwhelming and costly proposition for millions of American businesses,” according to TIA Executive Vice President Roy Littlefield.
The organization “has been considerably involved in the repeal effort, including working with other associations who also supported the repeal.”
The TIA also rallied its roster by sending out an email alert and other communications urging the membership and other tire industry professionals to contact their senators and ask for their support. The industry’s action was vital in making the successful vote a reality, Littlefield says.
“We aren't at the finish line yet when it comes to the Form 1099 reporting repeal, but it’s certainly visible from here, and we are confident that the President will hold true to his previous statements and get us over the line by passing this repeal,” he notes.
“Tire industry professionals can feel confident that our efforts show what can happen when you have a strong representative association,” says Littlefield.
For more information, visit www.tireindustry.org.