Commonsense Reporting Act of 2023

The Commonsense Reporting Act of 2023 creates a voluntary reporting system for employers that offers minimum essential health coverage to full-time employees, allowing them to meet their reporting requirements under the Affordable Care Act through a single, streamlined process. Employers would report details about their coverage, including whether it meets minimum value requirements, whether it's offered to dependents, and any waiting periods, to help accurately determine eligibility for premium tax credits and cost-sharing subsidies. The system, available starting January 1, 2024, includes provisions for electronic delivery of statements and extended appeal periods for employers facing shared responsibility payments under Section 4980H of the Internal Revenue Code.