Washington (Aug. 8, 2002) -- The new trade bill (H.R. 3009) signed Aug. 6 by President Bush contains a provision granting health subsidies in the form of a tax credit to displaced workers.

"Today's signage is a grand victory for America's workers and businesses," said Ways and Means Committee chairman Bill Thomas.

The new law grants eligible workers -- those who have lost their jobs through a trade-related circumstance -- a 65 percent advanceable, refundable tax credit to help them maintain their insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA) or certain state-based coverage options.

The law also covers workers who are indirectly displaced by trade agreements, including farmers and fishermen, and to uninsured retirees between the ages of 55 and 64 who receive benefits from the Pension Benefit Guarantee Corporation (PBGC).

--Electronic Accountant Newswire staff

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