Bill > HR7774

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 for employers to provide information about the health coverage they offer to their employees before the annual open enrollment period, which can be used by the Exchanges, Internal Revenue Service, and Department of Health and Human Services to determine employee eligibility for premium tax credits and cost-sharing subsidies. 2. Exempting employers who use the prospective reporting system from the existing employer reporting requirements under the Internal Revenue Code. 3. Allowing employers to contract with third parties to make the prospective reporting on their behalf. 4. Providing employees with access to their employer's identification number for the reporting requirements. 5. Protecting the privacy of dependents by allowing the use of their full name and date of birth instead of their taxpayer identification number in certain cases. 6. Allowing employers 90 days to appeal a proposed employer shared responsibility payment before the IRS issues a demand for payment. 7. Establishing a 3-year statute of limitations on the assessment of employer shared responsibility payments. The bill also directs the Government Accountability Office to conduct studies on the initial years of employer reporting and the functionality of the new prospective reporting system.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/7774/all-info