1.This Act may be cited as the
Extend COBRA Premium Assistance
Program Act of 2010
.
2.Extension and improvement of premium
assistance for COBRA benefits
(a)
(1)Extension of eligibility
periodSubsection (a)(3)(A)
of section 3001 of division B of the American Recovery and Reinvestment Act of
2009 (Public Law 111–5), as amended by section 3(a) of the Continuing Extension
Act of 2010 (Public Law 111–157), is amended by striking May 31,
2010
and inserting November 30, 2010
.
(2)Rules relating to 2010
extensionSubsection (a) of
section 3001 of division B of the American Recovery and Reinvestment Act of
2009 (Public Law 111–5), as amended by section 3(b) of the Continuing Extension
Act of 2010 (Public Law 111–157), is amended by adding at the end the
following:
(19)Additional rules related to 2010
extensionIn the case of an
individual who, with regard to coverage described in paragraph (10)(B),
experiences a qualifying event related to a termination of employment on or
after June 1, 2010, and prior to the date of the enactment of this
paragraph—
(A)paragraph (2)(A)(ii)(I) shall be applied by
substituting 6 months
for 15 months
; and
(B)rules similar to those in paragraphs (4)(A)
and (7)(C) shall apply with respect to all continuation coverage, including
State continuation coverage
programs.
.
(3)The amendment made by
this subsection shall take effect as if included in the provisions of section
3001 of division B of the American Recovery and Reinvestment Act of
2009.
(b)Required minimum 10-Year term, etc., for
grantor retained annuity trusts
(1)Subsection (b) of
section
2702 of the Internal Revenue Code of 1986 is amended—
(A)by redesignating paragraphs (1), (2), and
(3) as subparagraphs (A), (B), and (C), respectively, and by moving such
subparagraphs (as so redesignated) 2 ems to the right;
(B)by striking For purposes of
and inserting the following:
(1)For purposes
of
;
(C)by striking paragraph (1) or
(2)
in paragraph (1)(C) (as so redesignated) and inserting
subparagraph (A) or (B)
; and
(D)by adding at the end the following new
paragraph:
(2)Additional requirements with respect to
grantor retained annuitiesFor purposes of subsection (a), in the case
of an interest described in paragraph (1)(A) (determined without regard to this
paragraph) which is retained by the transferor, such interest shall be treated
as described in such paragraph only if—
(A)the right to receive the fixed amounts
referred to in such paragraph is for a term of not less than 10 years,
(B)such fixed amounts, when determined on an
annual basis, do not decrease relative to any prior year during the first 10
years of the term referred to in subparagraph (A), and
(C)the remainder interest has a value greater
than zero determined as of the time of the
transfer.
.
(2)The amendments made by
this subsection shall apply to transfers made after December 31, 2010.