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Paperwork Burden Reduction Act
12/15/2023, 4:09 PM
Summary of Bill S 3227
The key provisions of the bill include requiring federal agencies to conduct regular reviews of their paperwork requirements and identify opportunities to reduce unnecessary paperwork. The bill also calls for the establishment of a task force to oversee the implementation of these reforms and ensure that agencies are held accountable for reducing paperwork burdens.
Additionally, the bill includes measures to improve the transparency of regulatory processes and make it easier for businesses and individuals to provide feedback on proposed regulations. This includes requiring agencies to publish information on their paperwork requirements online and solicit public input on ways to reduce paperwork burdens. Overall, the Paperwork Burden Reduction Act aims to make it easier for businesses and individuals to navigate the regulatory landscape and comply with federal requirements. By streamlining paperwork processes and increasing transparency, the bill seeks to promote economic growth and innovation while ensuring that government regulations are effective and efficient.
Congressional Summary of S 3227
Paperwork Burden Reduction Act
This bill modifies provisions under the Patient Protection and Affordable Care Act so that employers and health insurance providers are no longer required to send tax forms to covered individuals showing proof of minimum essential coverage (1095-B and 1095-C tax forms) unless a form is requested.
Currently, employers and health insurance providers that provide minimum essential coverage must report this information for each covered individual to the Internal Revenue Service (IRS) and provide a copy of this information to the covered individual (through 1095-B and 1095-C tax forms) by January 31 of each year.
The IRS allows for 1095-B tax forms, which are sent by certain health insurance providers and employers, to be made available to individuals only upon request. The bill provides statutory authority for this flexibility and extends this flexibility to 1095-C tax forms, which are sent by certain large employers. Such requests must be fulfilled by January 31 or 30 days after the date of the request, whichever is later. Employers and health insurance providers must give individuals timely notice of this option, in accordance with any requirements set by the IRS.
