President Obama signed into law a bill last Thursday repealing the healthcare reform law's 1099 tax reporting requirement, relieving small businesses of future paperwork burdens.

The Senate passed the law, 87-12, on April 5. The Republican-controlled House cleared it in March.

The contentious provision, scheduled to to take effect in 2012, required businesses to submit a 1099 tax form to the IRS for all purchases over $600. Critics said it would have resulted in a massive paperwork burden for some small businesses, who unlike large corporations, lack to the resources for a dedicated tax division. Trucking companies, of which an overwhelming majority are small business, would have particularly affected.

"Considering that an average owner-operator will fuel up their truck with over $600 worth of fuel more than 100 times each year and that almost every equipment maintenance bill they pay is for $600 or more, the new requirements would have been extremely cumbersome and costly," said Todd Spencer, executive vice president of the Owner Operator Independent Drivers Association.

This was one of those rare issues where the American Trucking Associations and OOIDA were on the same page. Last year, when the issue first surfaced, ATA Vice President Bob Pitchers called the mandate "a very large burden, and unnecessary for tax administration."