II 111th CONGRESS 2d Session S. 3548 IN THE SENATE OF THE UNITED STATES June 29, 2010 Mr. Casey (for himself, Mr. Brown of Ohio, Mr. Kerry, Mr. Levin, Mr. Whitehouse, Ms. Stabenow, Mr. Leahy, Mr. Dodd, Mr. Franken, Mr. Burris, and Mr. Akaka) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide for the extension of premium assistance for COBRA benefits.

1.

Short title

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)

In general

(1)

Extension of eligibility period

Subsection (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 extension

Subsection (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 extension

In 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)

Effective date

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)

In general

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)

In general

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 annuities

For 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)

Effective date

The amendments made by this subsection shall apply to transfers made after December 31, 2010.