U.S. Sen. Rob Portman (R-OH) on July 31 introduced the bipartisan Commonsense Reporting Act of 2019 to reduce employer reporting requirements under Obamacare.
“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,” Sen. Portman said.
Sen. Portman cosponsored S. 2366 with bill sponsor U.S. Sen. Mark Warner (D-VA) to modernize the employer reporting process and strengthen the eligibility verification process for the premium assistance tax credit and cost-sharing subsidy under the Patient Protection and Affordable Care Act (ACA), also known as Obamacare.
If enacted, S. 2366 would direct the U.S. Treasury Department to implement an alternative, voluntary reporting system to permit employers to report pertinent information about their health plans to the Internal Revenue Service prior to the start of open enrollment.
S. 2366 also would modernize the system by allowing electronic transmission of employee and enrollee statements; limit the collection of specific data; and protect enrollees’ personally identifiable information.
“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,” said Sen. Portman. “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.”
The measure is supported by numerous organizations, including the National Restaurant Association, the National Retail Federation, the American Hotel and Lodging Association, the National Association of Home Builders, Associated General Contractors of America, and the Council of Insurance Agents and Brokers, among others.
The same-named companion bill, H.R. 4070, was introduced in the U.S. House of Representatives by U.S. Reps. Adrian Smith (R-NE) and Mike Thompson (D-CA).