Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
The Ag Minute: ObamaCare is an Administrative Nightmare for American Family Farms
Tamara Hinton (202) 225-0184
WASHINGTON – This week during The Ag Minute, guest host Rep. Adrian Smith, discusses how President Obama's new health care law negatively affects farmers, ranchers, and small businesses. Section 9006 of the law requires that all businesses file a 1099 with the Internal Revenue Service for every vendor with which it has more than $600 in transactions in a year. Rep. Smith explains that this would be an administrative nightmare for our nation's family farms, and prompted him to cosponsor H.R. 5141, the Small Business Paperwork Mandate Elimination Act, which will repeal this new requirement.
Click here to listen to The Ag Minute. The transcript is below.
"Our nation’s farmers and ranchers could have a pile of paperwork in their near future, thanks to – of all things – the health care bill.
"The health care law signed by President Obama requires farmers and ranchers to file a Form 1099 with the Internal Revenue Service for every vendor or contractor from which they purchase 600 hundred dollars or more in goods or services in a calendar year.
"In other words, when a farmer or rancher spends $600 on feed corn, seeds, fertilizer, fuel, tractors or nearly every other expense, they will have to research and prepare a 1099 form for each and every purchase.
"This will – quite frankly – prove to be an administrative nightmare for our nation’s family farms.
"This is why I have cosponsored H.R. 5141, the Small Business Paperwork Mandate Elimination Act, legislation which will repeal this new requirement and provide relief for ag producers who are already burdened by the heavy hand of government.
"Our nation’s farmers and ranchers already have enough headaches when it comes to tax time. Congress shouldn’t be making them worse to pay for a misguided health care bill."
The Ag Minute is Ranking Member Lucas's weekly radio address that is released each Tuesday from the House Agriculture Committee Republicans.