U.S. Rep. Todd Young co-sponsors paperwork relief bill
13 Jan 11
Todd Young signed his name Wednesday to a bill that would lessen reporting requirements for small businesses at tax time.
Republican 9th District Rep. Young signed on as an original co-sponsor to the Small Business Paperwork Relief Act, introduced Wednesday afternoon as a repeal to the expansion of tax reporting requirements for small businesses in the health care law passed last year.
The new law requires businesses to file for each business-to-business transaction that totals more than $600 in a given year, including basic business expenses such as phone and Internet service, shipping costs and office supplies.
“Congress should do everything in its power to lower the cost of doing business — especially during an economic recession — so that businesses are able to start putting Hoosiers back to work,” Young said in a press release.
He said several small business owners have expressed concern over the new law and about the resources that will be required to comply with the new reporting requirements.
Young previously signed on as a co-sponsor to a bill aimed at repealing the health care law in its entirety.
He also has signed on as co-sponsor to a bill to repeal the individual mandate of the Democrats’ health care law, and a bill to prohibit family planning grants from being awarded to any entity that performs abortions.