To streamline the employer reporting process and strengthen the eligibility verification process for the premium assistance tax credit and cost-sharing subsidy.
Summary
What This Bill Does
The bill requires short title This Act may be cited as the Commonsense Reporting Act of 2023, provides findings Congress finds the following: The Department of the Treasury and the Internal Revenue Service should work together with other relevant departments and agencies to identify and implement methods, and creates voluntary prospective reporting system. It relies on reporting requirements, compliance mandates, appropriations, and tax rate changes. The main policy areas are Business, Finance, Environment, and Education.
Who Benefits and How
Public beneficiaries or protected communities affected by the clause could face reduced risk, Businesses and employers affected by the bill could face lower compliance burdens, and Environmental and public health interests affected by the bill could gain revenue opportunities.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Businesses and employers affected by the bill would take on compliance duties, and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Requires short title This Act may be cited as the Commonsense Reporting Act of 2023.
- Provides findings Congress finds the following: The Department of the Treasury and the Internal Revenue Service should work together with other relevant departments and agencies to identify and implement methods...
- Creates voluntary prospective reporting system.
- Requires electronic statements Subsection (c) of section 6056 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (3)Electronic deliveryAn individual shall be deemed to have...
- Requires time for appeal Section 4980H(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4)Time for appealThe Secretary shall allow an applicable large employer 90...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires short title This Act may be cited as the Commonsense Reporting Act of 2023, provides findings Congress finds the following: The Department of the Treasury and the Internal Revenue Service should work together with other relevant departments and agencies to identify and implement methods, and creates voluntary prospective reporting system.
Key Policy Areas
Business, Finance, Environment, Education
Primary Purpose
The bill requires short title This Act may be cited as the Commonsense Reporting Act of 2023, provides findings Congress finds the following: The Department of the Treasury and the Internal Revenue Service should work together with other relevant departments and agencies to identify and implement methods, and creates voluntary prospective reporting system.
Policy Domains
Whole bill
Identified Gains
- Public beneficiaries or protected communities affected by the clause
- Businesses and employers affected by the bill
- Environmental and public health interests affected by the bill
- Energy producers and energy supply-chain firms affected by the bill
- Educational institutions and students affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Businesses and employers affected by the bill
- Public beneficiaries or protected communities affected by the clause
Sponsors
Legislative Progress
IntroducedMr. Smith of Nebraska (for himself and Mr. Thompson of …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology