Two separate reports recently have again placed nonprofits in the position as revenue raisers for local government. DC Council member Mary Cheh last week sent a letter to the entire council advocating for a PILOT (payments in lieu of taxes) from city universities. Her letter states that by charging every city university a $100 fee… Read more »
A prominent Senator suggested Tuesday that the 1099 repeal effort is still going strong in the Senate, and it could be included in a larger tax bill this month.
The president’s deficit panel released its final report today and added details to its original leaked outline for how it suggests the U.S. balance the budget and enact a more stable fiscal policy. Dubbed “The Moment of Truth”, the document adopts some policies from other private deficit commissions and adjusts some of its prior recommendations…. Read more »
Two 1099 repeal amendments were debated yesterday as part of the food safety bill, but both failed under the Senate’s 2/3rds rule for passage. The Johanns amendment (S.Amdt 4702) was a complete repeal with the offset coming from rescinding $39 billion in non-Defense Department discretionary spending, i.e. unused stimulus funds. His amendment failed 61-35, with… Read more »
Two Senate bills to repeal the new 1099 reporting requirements are expected to be voted upon as early as next Monday.