1099 Repeal passes Senate. Heads to President for signature.

Today, the Senate voted 87-12, to repeal the unpopular 1099 reporting provision which was included in last year's health care reform bill. The provision would have started in 2012 and required businesses to report all non-credit card purchases of $600 or more with any vendor in a calendar year. The provision was added as a way to fund health care overhaul and was expected to generate nearly $20 billion annually. The bill is expected to be signed by President Obama.