The Partnership for Employer-Sponsored Coverage recently endorsed the Commonsense Reporting Act of 2019 (S. 2366/H.R. 4070), bipartisan, bicameral legislation to bring clarity to the Affordable Care Act’s (ACA) tax credit eligibility and reporting process under the Internal Revenue Service (IRS).
The legislation is sponsored by Senate Finance Committee Members Senators Mark Warner (D-Va.) and Rob Portman (R-Ohio) and House Ways and Means Committee Members Congressmen Mike Thompson (D-Calif.) and Adrian Smith (R-Neb.).
In a statement, the coalition said the measure provides consumers with a safety-net and businesses of all sizes with relief under the current complicated and burdensome IRS employer reporting system.
The Commonsense Reporting Act of 2019 provides a pathway whereby data currently reported to the IRS during year-end tax filing season is instead reported during exchange open enrollment season. The prospective reporting option created under the legislation aids consumers, employers and Exchanges in better navigating the ACA eligibility and reporting process.
Senator Rob Portman, a member of the Taxation and IRS Oversight Subcommittee, said in a statement, “I have heard from hundreds of employers in Ohio that have spent hundreds of administrative hours attempting to comply with the reporting requirements in the Affordable Care Act. This added time and resources has not improved the quality of health insurance employers offered but only further discouraged employers from offering health insurance and hiring more workers. This bipartisan bill will help streamline the reporting process by allowing employers to report information to the IRS prospectively, easing the burden for employers and employees.”
The Partnership for Employer-Sponsored Coverage is an alliance committed to ensuring that employment-based coverage is strengthened and remains a viable, affordable option. P4ESC membership includes: Retail Industry Leaders Association; National Association of Health Underwriters; National Association of Wholesaler-Distributors; National Retail Federation; National Restaurant Association; American Staffing Association; Society for Human Resource Management; American Hotel & Lodging Association; Associated General Contractors; Associated Builders and Contractors, and the Council of Insurance Agents and Brokers.
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