COBRA Plus Act of 2001
Last action on Oct 4, 2001Read twice and referred to the Committee on Finance.
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Summary
COBRA Plus Act of 2001 - Amends the Internal Revenue Code to temporarily allow a refundable tax credit of 50 percent for an eligible individual's health insurance premium under COBRA, subject to specified limitations.
Reduces the medical expense deduction accordingly.
Requires former employers receiving COBRA payments to make a return as specified.
Sets forth criminal penalties for fraud relating to such credit.
Directs the Secretary of the Treasury to make COBRA payments in the amount of the allowable credit for eligible individuals with a qualified health insurance credit eligibility certificate.
Requires the Comptroller General to study and report on whether this credit increased COBRA enrollment.
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