Bill > S3673

This bill, the Commonsense Reporting Act of 2022, aims to streamline the employer reporting process and strengthen the eligibility verification process for the premium assistance tax credit and cost-sharing subsidy under the Affordable Care Act. The key provisions include: 1. Establishing a voluntary prospective reporting system where employers can report information about their health coverage offerings to the government before the start of the annual open enrollment period, allowing for more efficient eligibility determinations for premium tax credits and cost-sharing subsidies. 2. Exempting employers who use the voluntary prospective reporting system from certain existing reporting requirements under the Internal Revenue Code. 3. Allowing employees to more easily access their employer's identification number for reporting purposes. 4. Providing protections for the privacy of dependents' information. 5. Enabling electronic delivery of certain tax statements to employees. 6. Giving employers more time to appeal proposed assessments of the employer shared responsibility payment. 7. Establishing a 3-year statute of limitations on the assessment of the employer shared responsibility payment. 8. Requiring Government Accountability Office studies on the employer notification and prospective reporting systems. 9. Clarifying the tax compliance requirements for employers using the prospective reporting system.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/3673/all-info