updated 11/12/2010 2:10:40 PM ET 2010-11-12T19:10:40

The chairman of the Senate Finance Committee has unveiled a plan to repeal a tax reporting provision that passed with the health care overhaul and is widely opposed by business.

The so-called 1099 provision would require businesses starting in 2012 to file tax forms with the IRS for every vendor that sells them more than $600 in goods.

Democratic Sen. Max Baucus says it has become clear during a tour back home in Montana that businesses feel the rule will be a paperwork nightmare if it goes into effect.

Baucus, a key architect of the health care bill, said Friday it makes sense to simply repeal the provision altogether with new legislation.

President Barack Obama has expressed interest in changing the provision.

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