S. 2906 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2906 IN THE SENATE OF THE UNITED STATES September 18, 2014 Mr. Reed (for himself, Mr. Harkin, and Mr. Whitehouse) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide for the treatment and extension of temporary financing of short-time compensation programs. 1. Short title This Act may be cited as the Layoff Prevention Extension Act of 2014. 2. Extension of temporary financing of short-time compensation payments in States with programs in law (a) In general Section 2162(b) of the Middle Class Tax Relief and Job Creation Act of 2012 (26 U.S.C. 3304 note) is amended— (1) in paragraph (1)(B), by striking 3 years and inserting 4 years; and (2) in paragraph (2)— (A) in the heading, by striking Three-year and inserting Four-year; and (B) by striking 156 weeks and inserting 208 weeks. (b) Technical correction Section 3306(v)(6) of the Internal Revenue Code of 1986 (26 U.S.C. 3306) is amended by inserting or the Workforce Innovation and Opportunity Act after 1998. 3. Extension of deadline for submitting an application for grants for short-time compensation programs Section 2164(c)(1) of the Middle Class Tax Relief and Job Creation Act of 2012 (26 U.S.C. 3304 note) is amended by striking December 31, 2014 and inserting December 31, 2015.