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June 18, 2018

MSCI Supports Bill To Streamline ACA Tax Credit Rules

The Metals Service Center Institute, along with dozens of other organizations sent a letter last week to lawmakers in the U.S. House and Senate supporting a bill that would streamline the Internal Revenue Service (IRS) reporting process under the Affordable Care Act (ACA).

Specifically, H.R. 3919/S. 1908 would make important data available during the ACA exchange enrollment process, rather than after a coverage year has ended, and it would streamlines the reporting requirements for employers and insurers. The bill also protects the privacy of individuals’ Social Security numbers, authorizes the electronic transmission of reporting information, and establishes oversight of reporting verification.

The letter argued the bill is “an important first step in providing individuals, employers, insurance carriers, states and the federal government with more clarity about who may be eligible for premium tax credits and streamlining the costly and complex compliance burden.”

The full letter can be accessed here.