On Tuesday, July 2nd, the Treasury Department announced that a key provision contained in President Obama’s health care law – requiring businesses to provide their workers with health insurance or face fines – will be delayed by one year, until 2015.
The business community especially those who were going to be effected by the mandate feel some relief since many business owners expressed concerns about the complexity of the law’s reporting requirements. The extra year before the requirement goes into effect will give the government the necessary time to asses ways to simplify and streamline the reporting process for businesses.
Other aspects of the health care will not be delayed. There will still be an establishment of exchanges in states for low-income Americans to obtain health insurance.
To learn more please visit the U.S. Department of Treasury – Treasury Notes.