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Commonsense Reporting Act of 2023

Source: Congress.gov  ·  3,355 words in original text
This bill creates a voluntary system for employers to report health insurance information ahead of time instead of after the fact. It aims to make it easier for employers to report and help the government check whether people qualify for health insurance tax credits (financial help paying for health insurance) and cost-sharing subsidies (financial help paying out-of-pocket costs).
Employers who offer health insurance to workers, employees and their dependents, health insurance exchanges (marketplaces where people buy health insurance), the Internal Revenue Service, the Department of the Treasury, the Department of Health and Human Services, the Department of Labor, the Small Business Administration, and the Social Security Administration.
• Employers can voluntarily report health insurance coverage information at least 45 days before the yearly open enrollment period starts instead of waiting until after the year ends (Sec. 3(b)(1)). • The Treasury Secretary, working with other agencies, must create guidance for this voluntary reporting system by 1 year after the bill becomes law, with the system available for use by employers starting no later than January 1, 2024 (Sec. 3(a)). • Employers using the new voluntary system do not have to file certain other required health insurance reports with the IRS for that year (Sec. 3(d)). • Employers must provide their employer identification number on employee pay statements (Sec. 3(g)). • The government can access information from the National Directory of New Hires to administer the health insurance tax credit and employer penalty sections (Sec. 3(f)).
If this bill becomes law, employers will have the option to report health insurance information to the government ahead of time using a new system instead of submitting reports after the year ends. Employers choosing this voluntary system will not have to file certain other employer health insurance reports. The government will be able to access new hire information to verify whether workers qualify for health insurance help. Employers will have 90 days to appeal proposed employer shared responsibility payments (penalties) instead of an unspecified timeframe. The time period for the government to assess employer penalties will be limited to 3 years from when the employer files their report.
• Minimum essential coverage: health insurance that meets the federal definition found in the tax code (Sec. 3(b)(1)). • Minimum value: health insurance that pays at least a certain percentage of covered benefits as required by tax law (Sec. 3(b)(1)). • Full-time employees: workers as defined in the employer penalty section of the tax code (Sec. 3(b)(1)). • Affordability safe harbors: specific ways employers can show their health insurance is affordable under tax code rules (Sec. 3(b)(1)).
The voluntary prospective reporting system must be available for use no later than January 1, 2024 (Sec. 3(a)). Different sections have different effective dates ranging from 60 days after the bill becomes law to 1 year after enactment.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.