WASHINGTON, DC-The House Ways and Means Committee has scheduled a markup of a bill that would repeal new Form 1099 requirements for owners of rental real estate. Last year these requirements were stepped up considerably for multifamily owners--as well as small businesses via two pieces of legislation: the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010.

The healthcare legislation included a measure that would require all small businesses to file 1099 forms for any service provider with whom it did more than $600 worth of business. Then, the Small Business Jobs Act of 2010 extended this requirement specifically to small or independent landlords by removing the exemption from this requirement that they enjoyed previously.

Since then the requirements have come under fire from small business advocates and real estate organizations representing independent landlords. The Senate has already finalized a measure repealing the requirement incorporating it in a larger bill modernizing the Federal Aviation Administration. The House is now considering at least two versions, one of which focuses specifically on real estate.