H.R. 2847 Jobs for Main Street Act of 2010
COBRA Subsidy Extension
The bill would extend the duration of and eligibility for the 65 percent COBRA premium subsidy included in H.R. 1, the American Recovery and Reinvestment Act, which is estimated to have helped seven million workers facing recession-related job loss maintain health coverage for their families. H.R. 2847 extends the duration of subsidy from nine months to 15 months, extends the deadline for eligibility from December 31, 2009 to June 30, 2010, and makes additional technical changes.
Unemployment Insurance Benefit Extension
The bill provides a six month extension of the three primary Unemployment Insurance (UI) provisions established or continued by the Recovery Act that otherwise would be phased-out at the end of the year, including:
- Emergency Unemployment Compensation (EUC) program, which provides up to 53 weeks of federally-funded extended benefits;
- One hundred percent federal funding for the Extended Benefits (EB) program, which provides up to an additional 13 to 20 weeks of benefits in certain States; and
- Federal Additional Compensation (FAC), which increases all UI benefits by $25 a week.
The extension prevents over one million workers from exhausting their unemployment benefits by the end of January, with the first wave running out of benefits the day after Christmas.
Click here for a full summary of the UI provisions.
Child Tax Credit
The bill would increase eligibility for the refundable child tax credit, cutting taxes for the families of 16 million children. The bill would remove the $3,000 earned income requirement for 2010, making all low-income working families eligible for the credit.
School Construction and Qualified Zone Academy Bonds
The bill encourages billions in immediate investments in school construction, rehabilitation and repair by making important changes to the popular school construction bond program. The bill provides a direct payment option that is currently available to issuers of Build America Bonds to the issuers of Qualified School Construction Bonds and Qualified Zone Academy bonds. This benefit has proven particularly successful in helping State and local governments to access credit markets. This kind of immediate assistance will enable States and localities to put people to work building and renovating schools.