Obama last week said that he would fight any attempt to repeal the legislation, but would be willing to consider some Republican ideas. He suggested the two sides work together to change the new business transaction reporting requirement.
The provision in the health care bill requires businesses and tax exempt organizations to file so-called 1099 forms for purchases and service transactions over $600. It was intended to ensure greater tax law compliance and raise an estimated $17 billion in revenues over 10 years to help cover the cost of expanding health coverage to the uninsured.
The 1099 reporting requirement, which goes into effect in 2012, sparked an outcry from small business groups. They argue it will increase tax compliance costs and tie up small business owners in red tape while they are already struggling in a poor economy.