Summary of Bill HR 1264
The Commonsense Reporting Act of 2023, also known as Bill 118 hr 1264, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to simplify and streamline the reporting requirements for employers when it comes to providing information to the government about their employees.
One of the key provisions of the Commonsense Reporting Act is the creation of a single, consolidated form that employers can use to report information about their employees to various government agencies, such as the Internal Revenue Service and the Department of Health and Human Services. This form would replace the current system, which requires employers to submit multiple forms to different agencies, leading to confusion and inefficiency.
Additionally, the bill aims to reduce the burden on small businesses by providing them with more flexibility in how they report employee information. It also includes provisions to improve data accuracy and reduce errors in reporting.
Overall, the Commonsense Reporting Act of 2023 seeks to make the reporting process simpler and more efficient for employers, while also ensuring that the government has access to accurate and timely information about the workforce. This bill is currently under review in Congress and may undergo changes before it is passed into law.
Congressional Summary of HR 1264
Commonsense Reporting Act of 2023
This bill addresses the eligibility verification process for the premium assistance tax credit and cost-sharing subsidy under the Patient Protection and Affordable Care Act (PPACA). It requires the Department of the Treasury to develop and implement a reporting system that allows employers to voluntarily report information about their health plans for the current plan year prior to the beginning of open enrollment. The bill also allows electronic transmission of employee and enrollee statements and permits Treasury to accept full names and dates of birth in lieu of dependents' and spouses' Social Security account numbers.
The bill also allows certain large employers who do not offer their employees minimum health care coverage 90 days to appeal an assessment for not providing such coverage.
The Government Accountability Office must evaluate (1) for the period beginning on January 1, 2015, and ending on December 31, 2022, the notification of employers by PPACA exchanges of the eligibility of employees for advance payments of the premium assistance tax credit or cost-sharing subsidies; and (2) for calendar year 2024, the functionality of the prospective reporting system established by this bill, including the accuracy of information collected.