We continue our series about how your HBA and its affiliate, NAHB, have logged significant victories advocating for members in the legal, legislative and regulatory arenas during 2012.
Our advocacy efforts have saved the typical home builder about $7,250 per housing start in 2012, including both single-family and multifamily.
Our advocacy on form 1099 reporting requirements saved each member $230 per year. Another example of savings comes in tax policy. Expanded 1099 reporting requirements in the tax code would have required companies to file a 1099 form for every corporate purchase over $600 in 2012. NAHB strongly objected to the reporting requirement, and it was removed. This saved members roughly $230 – and countless administrative headaches – per year.
Professional Remodeler listed 6 rules and regulations for remodelers to watch in 2012:
- Lead Paint
- OSHA Fall Protection standard
- Collective bargaining rights
- Subcontractor vs. employees
- Restricted background checks and credit reports
- No increased 1099s
Click here to read the complete report at Professional Remodeler.
The U.S. Senate passed HR 4, the bill to fully repeal the expanded 1099 reporting contained in last year’s health care law.
While the repeal is not finished until the President signs this bill into law, the effort could not have gotten this far without the involvement of Home Builders around the country. In addition to Home Builders, hundreds of associations around the country, all representing small businesses just like Home Builders, weighed in to tell Congress with one voice that repealing the new 1099 requirement was a top priority and one of the most important issues all small businesses will face in the coming year.
If allowed to stand, the new 1099 requirement will take effect on January 1 and require all businesses to obtain W9 forms, and issue 1099 forms, to every person and business with whom they do business, regardless of the amount transacted. Experts estimate that the average business will need one full-time employee just to comply with the requirement.
HR 4 now heads to the President’s desk for his consideration.