NEW YORK (CNNMoney.com) -- Lawmakers will get a chance Monday to undo a piece of health care reform that businesses big and small say will cost jobs.
The Senate is set to consider whether to repeal the new requirement that businesses notify the Internal Revenue Service of purchases over $600.
The provision was adopted in March as part of the massive health care reform law.
Starting in 2012, businesses will be required to issue 1099 tax forms not only to contracted workers (as they already do) but also to any individual or corporation from which they buy more than $600 in goods or services in a year.
The measure is expected to raise about $17 billion over 10 years by increasing tax compliance, but small business owners have argued the measure would increase paperwork, and drive up costs.
Republicans have led the charge to repeal the provision, but they have been joined by some key Democrats including Sen. Max Baucus, the Finance Committee chairman who introduced one of two amendments that would eliminate the new requirements.
Even President Obama no longer defends the provision.
Earlier this month, one day after after suffering a "shellacking" in the congressional election, Obama announced that he would support repealing the measure in the spirit of helping the business community.
Republican Sen. Mike Johanns of Nebraska authored the second amendment.
"Senators will have a clear choice between a fiscally responsible end to the 1099 mandate or one that tacks on billions more to the health care law's already bloated price tag and adds to our national debt," Johanns said in a statement.
But the move faces an uphill battle, at least for now. Neither amendment up for consideration on Monday is expected to get the 67-vote supermajority required for passage, according to multiple aides on both sides of the aisle.
In September, both a Republican-backed proposal to repeal tax requirements and a Democratic plan to amend it failed to pass the necessary procedural votes to move it forward.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.88%|
|15 yr fixed||3.20%||3.23%|
|30 yr refi||3.82%||3.93%|
|15 yr refi||3.20%||3.23%|
Today's featured rates:
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More
Honda and General Motors are creating a new generation of fully autonomous vehicles. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More