Consolidated Omnibus Budget Reconciliation Act of 1985
U.S. Law / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Consolidated Omnibus Budget Reconciliation Act of 1985?
Summarize this article for a 10 year old
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a law passed by the U.S. Congress on a reconciliation basis and signed by President Ronald Reagan that, among other things, mandates an insurance program which gives some employees the ability to continue health insurance coverage after leaving employment. COBRA includes amendments to the Employee Retirement Income Security Act of 1974 (ERISA). The law deals with a great variety of subjects, such as tobacco price supports, railroads, private pension plans, emergency department treatment, disability insurance, and the postal service, but it is perhaps best known for Title X, which amends the Internal Revenue Code and the Public Health Service Act to deny income tax deductions to employers (generally those with 20 or more full-time equivalent employees) for contributions to a group health plan unless such plan meets certain continuing coverage requirements. The violation for failing to meet those criteria was subsequently changed to an excise tax.
Long title | An Act to provide for reconciliation pursuant to section 2 of the first current resolution on the budget for fiscal year 1986 |
---|---|
Acronyms (colloquial) | COBRA |
Announced in | the 99th United States Congress |
Citations | |
Public law | 99-272 |
Statutes at Large | 100 Stat. 82 |
Codification | |
Acts affected | Employee Retirement Income Security Act of 1974 |
Legislative history | |
|
Although this statute became law on April 7, 1986, its official name is the Consolidated Omnibus Budget Reconciliation Act of 1985 (Pub. L.Tooltip Public Law (United States) 99ā272, 100 Stat. 82). Because of the discrepancy between the official name of the Act and the year in which it was enacted,[1] some government publications refer to the Act as the Consolidated Omnibus Budget Reconciliation Act of 1986.