WASHINGTON (MarketWatch) — The chairman of the Senate Finance Committee on Friday said he’ll introduce legislation to repeal an income reporting requirement for small businesses that has drawn ire from lawmakers on both sides of the aisle. Democratic Sen. Max Baucus of Montana said he’ll propose repealing the Form 1099 reporting requirements for small business, which are due to go into effect in 2012. The measure was an idea proposed by the Bush administration that made it into the health care bill signed into law by President Obama.

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